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P
- PVOs
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- P - Package
- P - Principal Officer
- P. & I. - Protection and indemnity
- P. & L. - Profit and Loss
- P. O. D. - Paid on delivery
- P.A. - Particular average
- P.A.N. - Premium advice note
- P.B. - Permanent Bunkers
- P.D. - Port dues
- P.D.O. - Property damage only
- P.I. - Personal injury
- P.I.A. - Peril insured against
- P.I.L. - Premium income limit
- P.L. - Public liability
- P.L.A. - Port of London Authority
- P.M.L. - Probable maximum loss
- p.o.c. - Port of call
- P.O.D. - Pay on delivery, Port of distress
- p.p. - Picked ports, Per procurationem (on behalf of)
- p.p.i. - Policy proof of interest
- P.R. - Polski Rejestr. Port Risks, prorata
- P.S.T. - Pacific Standard Time
- P.T. - Premium transfer
- p.t. - Private terms
- P/A - Particular average. Power of attorney. Private account
- P/C - Price Current, Petty Cash, Percent, Particular charges,
profit commission
- P/L - Partial loss
- P/N - Promissory note
- P/S - Public sale
- Pac. - Pacific coast ports
- Pacific Basin Economic Council - The PBEC is a private sector
group organized in 1967 to promote regional trade and investment.
PBEC currently includes about 1,000 corporations and 14 national
membership committees.
- Pacific Economic Cooperation Council - The PECC is a nongovernmental
organization founded in 1980 and aimed at promoting cooperation
in the Asia-Pacific region. Members are drawn from 20 countries
and territories: Australia, Brunei, Canada, Chile, China, Hong
Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand,
the Pacific Islands, Peru, the Philippines, Russia, Singapore,
Taiwan, Thailand, and the United States.
- Pacific Rim - The Pacific Rim, referring to countries and economies
bordering the Pacific ocean, is an informal, flexible term which
generally has been regarded as a reference to East Asia, Canada,
and the United States. At a minimum, the Pacific Rim includes
Canada, Japan, the People's Republic of China, Taiwan, and the
United States. It may also include Australia, Brunei, Cambodia,
Hong Kong/Macau, Indonesia, Laos, North Korea, South Korea, Malaysia,
New Zealand, the Pacific Islands, the Philippines, Russia (or
the Commonwealth of Independent States), Singapore, Thailand,
and Vietnam. As an evolutionary term, usage sometimes includes
Mexico, the countries of Central America, and the Pacific coast
countries of South America.
- Pan American Standards Commission - See: Comision Panaamericana
de Normas Tecnicas.
- Pan American Union - See: Organization of American States.
- Paris Club - The Paris Club has become a popular designation
for meetings between representatives of a developing country that
wishes to renegotiate its "official" debt (normally
excluding debts owed by and to the private sector without official
guarantees) and representatives of the relevant creditor governments
and international institutions. These meetings usually occur at
the request of a debtor country that wishes to consolidate all
or part of its debt service payments falling due over a specified
period. Meetings are traditionally chaired by a senior official
of the French Treasury Department. Comparable meetings occasionally
take place in London and in New York for countries that wish to
renegotiate repayment terms for their debts to private banks.
These meetings are sometimes called "creditor clubs."
See: London Club.
- Paris Convention - The Paris Convention for the Protection
of Industrial Property, first adopted in 1883, is the major international
agreement providing basic rights for protecting industrial property.
It covers patents, industrial designs, service marks, trade names,
indications of source, and unfair competition. The U.S. ratified
this treaty in May of 1887. The treaty provides two fundamental
rights:- The principle of national treatment provides that nationals
of any signatory nation shall enjoy in all other countries of
the union the advantages that each nation's laws grant to its
own nationals. - The right of priority enables any resident or
national of a member country to, first, file a patent application
in any member country and, thereafter, to file a patent application
for the same invention in any of the other member countries within
12 months of the original filing and receive benefit of the original
filing date. The resident or national of a member country also
can claim the filing date of a trademark application or industrial
design filed in another member country within six months of the
filing date in his or her own country or country of residence.
- Pass-Through - Pass-through operations (also called transshipments)
involve a foreign country's use of one country in a trade bloc
as a means of gaining preferential treatment from other countries
in the bloc. See: Transshipment.
- Patent Cooperation Treaty - The Patent Cooperation Treaty,
PCT, is a worldwide convention, open to any Paris Convention country.
The PCT entered into force in 1978. Unlike the Paris Convention,
which addresses substantive intellectual property rights, the
PCT addresses procedural requirements, aiming to simplify the
filing, searching, and publication of international patent applications.
- PBEC - Pacific Basin Economic Council
- PCT - Patent Cooperation Treaty
- pd. - Passed. Paid
- PE - Centrally Planned Economy
- PEC - President's Export Council
- PECC - Pacific Economic Cooperation Council
- PECSEA - President's Export Council, Subcommittee on Export,
Administration
- PEFC - Private Export Funding Corporation
- Performance Requirements - "Performance requirements"
refers to government-mandated or -approved activities that investors
must undertake, usually as a condition of establishment or operation
in a particular country.
- Period of Investigation - The period, usually 6 months, beginning
at least 150 days before and continuing 30 days after the first
day of the month when an antidumping petition is filed, during
which an exporter's home market (or third country) and United
States prices and other appropriate facts are investigated to
determine whether sales to the United States have been at less
than fair value. See: Tariff Act of 1930.
- Permanent Interstate Committee for Drought Control in the Sahel
- The Committee (French: Comite Permanente Interetats de Lutte
contre la Secheresse dans le Sahel, CILSS) provides drought protection
assistance to the eight countries of the Sahel region (Burkina
Faso, Cape Verde, Chad, the Gambia, Guinea-Bissau, Mali, Mauritania,
Niger, and Senegal) through such forms as food silo construction,
agricultural development, improving roads, and preventing desertification.
The Committee, founded in 1976, works in cooperation with the
United Nations, the World Bank, the European Economic Community,
and the Organization for Economic Cooperation and Development.
- Pers. Acc. - Personal Accident
- Person - See: Foreign Person.
- Persona Grata - A diplomatic representative who is acceptable
to the government of the country where he or she is assigned.
- Persona Non Grata - A diplomatic representative who is no longer
acceptable to the government of the country where he or she is
assigned.
- PERT - Progress evaluation and review technique
- Petrodollars - This term refers to oil earnings of petroleum-exporting
countries in excess of their domestic needs and deposited in dollars
in Western banks. However, a large part of the revenues that OPEC
countries were unable to spend has been recycled to oil-importing
countries in an attempt to balance international accounts.
- Pfo. - Portfolio
- PFP - Policy Framework Paper
- pgke. - Package
- Phytosanitary Inspection Certificate - A certificate, issued
by the U.S. Department of Agriculture to satisfy import regulations
of foreign countries, indicating that a U.S. shipment has been
inspected and is free from harmful pests and plant diseases.
- PIANC - Permanent International Association of Navigation Congresses
- pier - Structure where ships can berth.
- Pilf. - Piferage
- pilotage - Assisting the master of a ship in navigation when
entering or leaving a port.
- PIP - Post-Initiated Promotion
- Pipeline Protection - Pipeline protection broadly refers to
the protection accorded by a country for inventions, usually for
pharmaceutical and agrichemical products, which already exist
prior to that country's making patent protection available for
such inventions.
- Plata Basin Financial Development Fund - See: Fondo Financiero
Para el Desarrollo de la Cuenca del Plata.
- Plaza Accord - In a September 1985 meeting at the Plaza Hotel
in New York, G-5 officials ratified an initiative to use exchange
rates and other macropolicy adjustments as the preferred and necessary
means to bring about an orderly decline in the value of the dollar.
The agreement, intended to curb increasing U.S. trade imbalances
and protectionist action, supported orderly appreciation of the
main non-dollar currences against the dollar. See: Louvre Accord.
- PLC - Pre-License Check, Public Limited Company
- pm - Premium
- Policy Framework Paper - The PFP lays out the steps a country
will take while receiving structural adjustment assistance from
the International Monetary Fund (IMF). It describes the origins
of the country's difficulties, corresponding improvement efforts,
and requisite financing as well as probable impacts on environment
and society. The paper, updated annually, is developed by the
recipient government in collaboration with IMF and the World Bank.
By design, it also serves as a vehicle for attracting orderly
assistance from other donors. See: Enhanced Structural Adjustment
Facility.
- Political Risk - With regard to Eximbank and Overseas Private
Investment Corporation programs, political risk coverage normally
includes defaults or losses due to action of inaction by governments,
including war and civil unrest, expropriations, and inconvertibility
of local currency to dollars. Losses due to currency devaluation
are not considered a political risk. See: Commercial Risk.
- pontoon - Flat-bottomed vessel with a shallow draft.
- port - Harbor having facilities for ships to moor, load, or
unload.
- Port Shopping - Port shopping is the practice of exporters and
importers choosing a particular port on the basis of their assessment
of Customs' treatment, rather than on the quality of physical
facilities and efficiency.
- Portfolio Investment - In general, any foreign investment that
is not direct investment is considered portfolio investment. Foreign
portfolio investment includes the purchase of voting securities
(stocks) at less than a 10 percent level, bonds, trade finance,
and government lending or borrowing, excluding transactions in
official reserves.
- Post-Initiated Promotion - This is a scheduled low budget trade
promotion totally within resources at post, such as BIO, BFC,
or BSP.
- Post-Shipment Verifications - PSVs are conducted to determine
that a commodity is being used for the purposes for which its
export was licensed. Firms or individuals representing the end
user, intermediate consignees, or the purchaser may be subject
to inquiries pertaining to the post-shipment verification. As
part of the PSV process, BXA forwards a cable to the U.S. embassy
or consulate in the respective geographical location to conduct
an on-site inspection to ensure that the commodity is physically
present and used as stated in the application. Post-shipment verifications
are usually conducted six-to-eight months subsequent to export
of the commodity. PSVs are also conducted by BXA agents.
- POW WOW - The POW WOW is a trade show (held annually in the
United States and annually in Europe) which brings together U.S.
sellers and foreign buyers of travel-related services pertaining
to travel to the United States.
- Pow Wow Selection Committee - A committee of private industry
representatives in foreign countries which is responsible for
selecting invitees to the International POW WOW.
- PP - Purchase Price
- PPA - Protocol of Provisional Application
- ppd. - Prepaid
- ppt. - Prompt loading
- pratique - Permission granted by the authorities at a port,
after assessing the health of those on board the arriving ship,
to allow them to make physical contact with the shore.
- Pre-License Checks - PLCs are conducted to determine that dual-use
items on an export license application are destined for a legitimate
end-use by a reliable end-user. Firms or individuals representing
the licensee (the applicant), the consignee, the purchaser, the
intermediate consignee, or the end user may be subject to inquiries
pertaining to the pre-license check. As part of the process, BXA
forwards a cable to the U.S. embassy or consulate in the respective
geographical location to conduct an inspection or meet with company
representatives to conduct inquiries on BXA's behalf.
- Preferences - These special trade advantages (e.g. tariff preferences)
are given by governments to trading partners in order to promote
export growth and development. These are often granted by developed
countries to LDCs. Licensing practices, quotas or preferential
application of other measures, including taxes, can also be granted
in the non-tariff area.
- Preferential Trade Area for Eastern and Southern African States
- PTA, established in 1981, supports economic development and
cooperation (agriculture, communications, customs, industry, monetary
affairs, natural resources, and trade). Membership includes: Burundia,
Comoros, Djibouti, Ethiopia, Kenya, Lesotho, Malawi, Mauritius,
Rwanda, Somalia, Swaziland, Tanzania, Uganda, Zambia, and Zimbabwe.
PTA's headquarters are in Lusaka, Zambia.
- Preliminary Determination - The dumping determination by the
International Trade Administration announcing the results of the
investigation conducted within 160 days (or, in extraordinarily
complicated cases, 210 days) after a petition is filed or an investigation
is self-initiated by the International Trade Administration. If
the International Trade Administration determines that there is
a reasonable basis to believe or suspect that the merchandise
under consideration is being sold or is likely to be sold at less
than fair value, liquidation of all affected entries is suspended,
and the matter is referred to the International Trade Commission.
"Preliminary determination" also refers to the decision
by the ITC where there is a reasonable indication that an industry
in the United States is materially injured, or threatened with
material injury, or the establishment of an industry in the United
States is materially retarded by reason of the imports of the
merchandise which is the subject of the petition. The ITC must
make its decision within 45 days after the date on which the petition
is filed or an investigation is self-initiated by the International
Trade Administration. If this determination is negative, the investigation
is terminated. See: Tariff Act of 1930.
- Prem. Red. - Premiums reducing
- Prem. Res. - Premium reserve (reinsurance)
- President's Export Council - The President's Export Council
(PEC) advises the President on government policies and programs
that affect U.S. trade performance; promote export expansion;
and provide a forum for discussing and resolving trade-related
problems among the business, industrial, agricultural, labor,
and government sectors. The Council was established by Executive
Order of the President in 1973 and was originally composed only
of business executives. The Council was reconstituted in 1979
to include leaders of the labor and agricultural communities,
Congress, and the Executive branch. Twenty-eight private sector
members serve "at the pleasure of the President" with
no set term of office. Other members include five U.S. Senators
and five Members of the House, the Secretaries of Agriculture,
Commerce, Labor, State, and Treasury, the Chairman of the Export-Import
Bank, and the U.S. Trade Representative. The Council reports to
the President through the Secretary of Commerce. The President's
Export Council, Subcommittee on Export Administration (PECSEA),
formed in June 1976, advises the PEC, the White House, and Commerce
on all export control matters, including those which affect Commerce,
State, Defense and Energy. The PECSEA membership comprises 25
industry representatives, selected by the Secretary of Commerce.
- President's Export Council, Subcommittee on Export Administration
- See: President's Export Council.
- Primary Product - A product in an unprocessed or natural state
(e.g. an agricultural, mineral or fishery product).
- Principal Officer - See: Title and Rank.
- Principal Supplier - The country that has the largest portion
of total GATT trade in a product imported into a given country.
The principal supplier has first rights to negotiate compensation
should a country assess a duty in excess of its bound rate. Any
tariff concessions granted to the principal supplier are granted
automatically to all other countries accorded MFN status.
- Prior Deposits - A government requirement that an importer
deposit in a commercial bank or central bank a specified sum of
money (usually a percentage of the value of the imports my for
a specified length of time as a condition of importing). These
deposits are often held without interest and thus represent a
real cost. They are recognized as barriers to trade.
- Private Export Funding Corporation - PEFCO is a private company,
accessed through its member banks and a few exporters, that works
with Eximbank in using private capital to finance U.S. exports.
The corporation acts as a supplemental lender to traditional commercial
banking sources by making loans to public and private borrowers
located outside of the United States who require medium and/or
longer-term financing of their purchases of U.S. goods and services.
- Private Voluntary Organizations - PVOs are non-profit, tax-exempt
and nongovernmental organizations governed by a group of private
/citizens whose purpose is to engage in voluntary, charitable
and development operations overseas. The U.S. Agency for International
Development has registered over 150 PVOs which are eligible to
receive USAID funding.
- Pro Forma Invoice - An invoice provided by a supplier prior
to the shipment of merchandise, informing the buyer of the kinds
and quantities of goods to be sent, their value, and important
specifications (weight, size, and similar characteristics).
* Product Groups - Commodity groupings used for export control
purposes. See: Export Control Classification Number.
- Prof. Com. - Profit commission (reinsurance)
- Profit - For the purposes of constructed value in an antidumping
duty investigation or review, the profit used is the profit normally
earned by a producer, from the country of export, of the same
or similar product as that under investigation. By statute, the
amount of profit shall not be less than 8 percent of the sum of
general expenses and cost.
- Project License - The Bureau of Export Administration uses
the project license to authorize large-scale exports of a wide
variety of commodities and technical data for specified activities.
Those activities are restricted to capital expansion, maintenance,
repair or operating supplies, or the supply of materials to be
used in the production of other commodities for sale. Items intended
for resale in the form received are not permitted and must be
effected under a Distribution License.
- Protectionism - The use of restrictions to discourage imports
and artificially help domestic producers compete with foreign
suppliers.
- Protective Order - With regard to antidumping cases, a term
for the order under which most business proprietary information
is made available to an attorney or other representative of a
party to the proceeding. See: Tariff Act of 1930.
- Protest System - The Protest System, a part of Customs' Automated
Commercial System, tracks protests from the date they are received
through final action. A protest is the legal means by which an
importer, consignee, or other designated part may challenge decisions
made by a District Director of Customs.
- Protocol - See: International Agreements Title and Rank.
- Protocol of Provisional Application - A legal device that enabled
the original contracting parties to accept general GATT obligations
and benefits, despite the fact that some of their existing domestic
legislation at that time discriminated against imports in a manner
that was inconsistent with certain GATT provisions. Although meant
to be "temporary," the Protocol has remained in effect;
and countries that signed the PPA in 1947 continue to invoke it
to defend certain practices that are otherwise inconsistent with
their GATT obligations. Countries that acceded to the GATT after
1947 have also done so under the terms of the Protocol.
- PSV - Post-Shipment Verification
- PTA - Preferential Trade Area for Eastern and Southern African,
States
- Ptg. Std. - Petrograd Standard (timber trade)
- Public Limited Company - See: Limited (Liability).
- Purchase Price - A statutory term used in dumping investigations
to refer to the United States sales price of merchandise which
is sold or likely to be sold prior to the date of importation,
by the producer or reseller of the merchandise for exportation
to the United States. Certain statutory adjustments (e.g., import
duties, commissions, freight) are made, if appropriate, to permit
a meaningful comparison with the foreign market value of such
or similar merchandise. See: Tariff Act of 1930.
- Purchaser - Within the context of export controls, the purchaser
is that person abroad who has entered into the export transaction
with the applicant to purchase the commodities or technical data
for delivery to the ultimate consignee.
- Purchasing Agent - An agent who purchases goods in his/her
own country on behalf of large foreign buyers such as government
agencies and large private corporations.
- Purchasing Power Parity - Purchasing power parity is a theory
which states that exchange rates between currencies are in equilibrium
when their purchasing power is the same in each of the two countries.
- PVOs - Private Voluntary Organizations
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