Glossary of Trade & Shipping Terms

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Glossary of Trade & Shipping Terms - I1

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Ice Clause - An ice clause is a standard clause in the chartering of ocean vessels. It dictates the course a vessel master may take if the ship is prevented from entering the loading or discharge port because of ice, or if the vessel is threatened by ice while in the port. The clause establishes rights and obligations of both vessel owner and charterer if these events occur.
Import Certificate - The import certificate is a means by which the government of the country of ultimate destination exercises legal control over the internal channeling of the commodities covered by the import certificate.
Import License - A document required and issued by some national governments authorizing the importation of goods.
Import Quota - A means of restricting imports by the issuance of licenses to importers, assigning each a quota, after determination of the total amount of any commodity which is to be imported during a period. Import licenses may also specify the country from which the importer must purchase the goods.
Import Quota Auctioning - The process of auctioning the right to import specified quantities of quota-restricted goods.
Import Restrictions - Import restriction, applied by a country with an adverse trade balance (or for other reasons), reflect a desire to control the volume of goods coming into the country from other countries may include the imposition of tariffs or import quotas, restrictions on the amount of foreign currency available to cover imports, a requirement for import deposits, the imposition of import surcharges, or the prohibition of various categories of imports.
Import Substitution - A strategy which emphasizes the replacement of imports with domestically produced goods, rather than the production of goods for export, to encourage the development of domestic industry.
Importer - The U.S. Customs Service defines "importer" as a person primarily liable for the payment of duties on the merchandise, or an authorized agent acting on the importer's behalf. The importer may be: (a) a consignee, (b) the importer of record, or (c) the actual owner of hte merchandise if the actual owner has filed with Customs a declaration acknowledging ownership along with a superseding bond. (See 119 CFR 141.20.) See: Importer of Record.
Importer of Record - The U.S. Customs Service defines the importer of record as the owner or purchaser of the goods; or, when designated by the owner, purchaser, or consignee, a licensed Customs broker.
Imports - Imports of merchandise include commodities of foreign origin as well as goods of domestic origin returned to the United States with no change in condition or after having been processed and/or assembled in other countries. For statistical purposes, imports are classified by type of transaction: - Merchandise entered for immediate consumption. ("duty free" merchandise and merchandise on which duty is paid on arrival); - Merchandise withdrawn for consumption from Customs bonded warehouses, and U.S. Foreign Trade Zones; - Merchandise entered into Customs bonded warehouses and U.S. Foreign Trade Zones from foreign countries.
Imports for Consumption - "Imports for Consumption" measure the total of merchandise that has physically cleared through U.S. Customs either entering consumption channels immediately or entering after withdrawal for consumption from bonded warehouses under Customs custody or from Foreign Trade Zones. Many countries use the term "special imports" to designate statistics compiled on this basis.
In-Bond System - The In-Bond System, a part of Customs' Automated Commercial System, controls merchandise from the point of unloading at the port of entry or exportation. The system works with the input of departures (from the port of unlading), arrivals, and closures (accountability of arrivals).
In-Flight Survey - The In-Flight Survey is administered to U.S. and foreign travelers departing the U.S. as a means of providing data on visitor characteristics, travel patterns and spending habits, and for supplying data on the U.S. international travel dollar accounts as well as to meet balance of payments estimation needs. The IFS covers about 70 percent of U.S. carriers and 35 percent of foreign carriers, who voluntarily choose to participate. Sample results are expanded to universe estimates to account for nonresponse of passengers on each sampled flight, for coverage of all flights on each major airline route, and for all international routes. The basis for the expansion is the number of passengers departing the United States, obtained from the Immigration and Naturalization Service.
Incoterms - Maintained by the International Chamber of Commerce (ICC), this codification of terms is used in foreign trade contracts to define which parties incur the costs and at what specific point the costs are incurred.
Independent European Program Group - The IEPG is an intergovernmental organization that is not formally part of NATO but whose membership includes all the EC members of the alliance, plus Norway and Turkey. Established in 1976, IEPG's objectives are to promote European cooperation in research, development, and production of defense equipment; improve transatlantic armaments cooperation; and maintain a healthy European defense industrial base.
Indexed Currency Option Note - An ICON is a debt repayment instrument whose value is partially determined by the exchange rate between two currencies. Interest payments, made in one currency, are lowered if the rate of exchange exceeds a pre-arranged rate.
Individual Validated License - An IVL is written approval by which the U.S. Department of Commerce grants permission, which is valid for 2 years, for the export of a specified quantity of products or technical data to a single recipient. IVLs also are required, under certain circumstances, as authorization for the reexport of U.S.-origin commodities to new destinations abroad.
Industrial List - See: International Industrial List.
Industrialization Fund for Developing Countries - The IFU invests in joint venture companies in the developing countries, together with Danish companies. It is a revolving Fund whose resourcs were made available by the Danish government. IFU takes part in joint ventures as a shareholder and can provide loans or guarantees for loans. The Fund was established by Denmark in 1967; headquarters are in Copenhagen. Since 1978, Fund operations have been funded solely from the return on investments in developing countries and from other financial assets, with no public financial subsidy.
Industry Consultations Program - The Industry Consultations Program for Trade Policy Matters is an advisory committee structure created by the Trade Act of 1974; expanded by the Trade Agreements Act of 1979; and amended by the Omnibus Trade and Competitiveness Act of 1988. The program is operated jointly by Commerce and the U.S. Trade Representative. Members of the committees are appointed by the Secretary of Commerce and the U.S. Trade Representative. The present structure consists of 17 Industry Sector Advisory Committees (ISACs), 3 Industry Functional Advisory Committees (IFACs), a Committee of Chairs, and an Industry Policy Advisory Committee (IPAC). The focus of the 3 Functional Advisory Committees are: (1) Customs Matters, (2) Standards, and (3) Intellectual Property Rights. The focus of the 17 Industry Sector Advisory Committees are:1 Aerospace Equipment, 2 Capital Goods, 3 Chemicals and Allied Products, 4 Consumer Goods, 5 Electronics and Instrumentation, 6 Energy, 7 Ferrous Ores and Metals, 8 Footwear, Leather, and Leather Products, 9 Building Products and Other Materials, 10 Lumber and Wood Products, 11 Nonferrous Ores and Metals, 12 Paper and Paper Products, 13 Services, 14 Small and Minority Business, 15 Textiles and Apparel, 16 Transportation, Construction, and Agricultural Equipment, 17 Wholesaling and Retailing See: Advisory Committee on Trade Policy and Negotiations.
Industry Functional Advisory Committee - See: Industry Consultations Program.
Industry Policy Advisory Committee - See: Industry Consultations Program.
Industry Sector Advisory Committee - See: Industry Consultations Program.
Industry Subsector Analysis - As used by the International Trade Administration, an industry subsector analysis is overseas market research for a given industry subsector (such as cardiological equipment for the medical equipment industry) that presents basic information about a foreign market such as market size, the competitive environment, primary end users, best prospects products, and market access information.
Infrequent Exporter - The Commerce Department's International Trade Administration defines an "infrequent exporter" as a company that has some export experience -- usually averaging between 1 and 50 export shipments per year -- but which still needs assistance to increase the size of its export market or to expand into new ones.
Inherent Vice - An insurance term referring to any defect or other characteristics of a product which could result in damage to the product without external cause. Insurance policies may specifically exclude losses caused by inherent vice.
Initial Negotiating Right - A right held by one GATT country to seek compensation for an impairment of a given bound tariff rate by another GATT country. INRs stem from past negotiating concessions and allow the INR holder to seek compensation for an impairment of tariff concessions regardless of its status as a supplier of the product in question.
Injury - In U.S. law, a finding by the International Trade Commission that imports are causing, or are likely to cause, harm to a U.S. industry. An injury determination is the basis for a Section 201 case. It is also a requirement in all antidumping and most countervailing duty cases, in conjunction with Commerce Department determinations on dumping and subsidization.
Inland Bill of Lading - A bill of lading used in transporting goods overland to the exporter's international carrier. Although a through bill of lading can sometimes be used, it is usually necessary to prepare both an inland bill of lading and an ocean bill of lading for export shipments.
Inspection Certification - Some purchasers and countries may require a certificate of inspection attesting to the specifications of the goods shipped, usually performed by a third party. Inspection certificates are often obtained from independent testing organizations.
Instruments of International Traffic - Lift vans, cargo vans, shipping tanks, skids, pallets, caul boards, and cores for textile fabrics, arriving (whether loaded or empty) in use or to be used in the shipment of merchandise in international traffic are designated as "instruments of international traffic" (IIT) within the meaning of section 322(a0, Tariff Act of 1930, as amended. Upon Customs acceptance of a type 3 bond, covering these IIT types, such instruments may be released without entry or the payment of duty, subject to the provisions of 19 CFR 10.41a.
Insurance Certificate - This certificate is used to assure the consignee that insurance is provided to cover loss of or damage to the cargo while in transit.
Integrated Carriers - Carriers that have both air and ground fleets; or other combinations, such as sea, rail, and truck. Since they usually handle thousands of small parcels an hour, they are less expensive and offer more diverse services than regular carriers.
Integrated Tariff of the European Community - TARIC is a publication which presents the regulations pertaining to import of products into the EC as well as for some exports. TARIC adopts the provisions of Community legislation, the harmonized system, and the combined nomenclature (CN).
Intellectual Property Rights - IPR is a generic phrase encompassing intangible property rights, including, among others, patents, trade and service marks, copyrights, industrial designs, rights in semiconductor chip layout designs, and rights in trade secrets.
Intelsat - See: International Telecommunications Satellite Organization.
Inter-American Commercial Arbitration Commission - The IACAC administers a system for arbitrating and conciliating international commercial disputes throughout the Western Hemisphere. The Commission, associated with the Organization of American States, follows provisions of the United Nations Commission on International Trade Law. IACAC was originally established in 1934; headquarters are in Washington, D.C.
Inter-American Development Bank - IADB, or IDB, (Spanish: Banco Interamericano de Desarrollo, BID), is a regional financial institution which helps accelerate economic and social development in Latin America and the Caribbean. The Bank was established in 1959 (began operations in October 1960); headquarters are in Washington, D.C. The twenty-eight regional members include: Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, United States, Uruguay, and Venezuela. The IDB also includes 16 non-regional members: Austria, Belgium, Denmark, Finland, France, Germany, Israel, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. See: Caribbean Development Bank Inter-American Investment Corporation.
Inter-American Investment Corporation - The IIC is a multilateral investment corporation that promotes the economic development of the regional member countries by stimulating the establishment, expansion, and modernization of private enterprises, especially those of medium and small scale, in Latin America and the Caribbean. The IIC works directly with private enterprises in these countries and neither seeks nor requires government guarantees. The Corporation makes direct investments such as equity participation, loans and purhcases of debt instruments, as well as direct investment through other financial institutions. The Corporation also finances feasibility studies, underwrites securities, provides technical and managerial assistance, and helps entrepreneurs in mobilizing additional capital. The IIC is affiliated with the Inter-American Development Bank; it was established in 1986; headquarters are in Washington, D.C.
Inter-Arab Investment Guarantee Corporation - The IAIGC promotes Arab development by stimulating capital transfers among members, by providing investment risk coverage, and by supporting development studies. The Corporation was established in 1965; headquarters are in Kuwait; nearly all Arab countries are members.
Inter-Governmental Authority on Drought and Development - The IGADD coordinates efforts in its members' region to build food security, stop desertification, and reclaim arid zones for food production. The Authority was formed in 1986; headquarters are based in Djibouti; members include: Djibouti, Ethiopia, Kenya, Somalia, the Sudan, and Uganda. Financing stems primarily from Djibouti and Ethiopia.
Interagency Group on Countertrade - The IGC, established in December 1988 under Executive Order 12661, reviews policy and negotiates agreements with other countries on countertrade and offsets. The IGC operates at the Assistant Secretary level, with the Department of Commerce as chair. Membership includes 11 other agencies: Agriculture, Defense, Energy, Justice, Labor, State, Treasury, the Agency for International Development, the Federal Emergency Management Agency, the U.S. Trade Representative, and the Office of Management and Budget.
Interbank Offered Rate - IBOR is the rate of interest at which banks lend to other prime banks. Terms are established for the length of loan and individual foreign currencies. A number of financial centers offer an IBOR, including: Abu Dhabi (ADIBOR), Bahrain (BIBOR), Brussels (BRIBOR), Hong Kong (HKIBOR), London (LIBOR), Luxembourg (LUXIBOR), Madrid (MIBOR), Paris (PIBOR), Saudi Arabia (SAIBOR), Singapore (SIBOR), and Zurich (ZIBOR). See: London Interbank Offered Rate.
Interest Rate Swaps - See: Swaps.
Intermediate Consignee - An intermediate consignee is the bank, forwarding agent, or other intermediary (if any) that acts in a foreign country as an agent for the exporter, the purchaser, or the ultimate consignee, for the purpose of effecting delivery of the export to the ultimate consignee.
Intermediate Credit Guarantee Program - See: Export Credit Guarantee Programs.
Intermodal Container Transfer Facility - ICTF is a site where cargo is transferred from one form of transit to another, such as rail to ship.
International Accounting Unit - NATO infrastructure projects are usually denominated in International Accounting Units. The IAU is a unit of measure based on the exchange rates of the 16 NATO member countries and is reevaluated every six months.
International Accreditation Forum - The IAF, created in January 1993, is a group of international accreditation bodies which has joined together to promotion international recognition of accreditation for quality systems (ISO 9000) registrars. Signatories include representatives of accrediting bodies in Australia, Canada, Japan, Mexico, the Netherlands, New Zealand, and the United States.
International Agreements - An international agreement is governed by international law; the term refers to a broad classification of legally binding arrangements between states. The arrangements include: treaties, conventions, protocols, annexes, accords, and memoranda of understanding. Other common titles include notes, pact, declaration, statute, constitution and process-verbal. The title is not a controlling factor in making distinctions among arrangements. Some titles are not used consistently; and titles are often used as synonyms, with subtlety in differentiation and resulting in an inability to apply certitude in definition. In this context, the following general characteristics apply: - Treaties are international agreements and are equivalent to conventions. The Vienna Convention on the Law on Treaties defines a treaty as "an international agreement concluded between States in written form and governed by international law, whether embodied in a single instrument or in two or more related instruments and whatever its particular designation." In its restricted sense in the United States, a treaty denotes an international agreement made by the President with the advice and consent of the Senate in accordance with Article II, section 2 of the Constitution. During a year, the U.S. may be a signatory to approximately 400 international agreements; only about a dozen are treaties. Under U.S. law a treaty (or other international agreement, however designated) becomes the law of the land and is binding on federal, state and local government. This is not always the case in other nations which may require legislative action before a treaty takes the same effect as domestic law. The term "plurilateral" is sometimes used to differentiate between a treaty embracing a restricted number of states in contrast with "multilateral" as a reference to a treaty which is open to all nations. - Conventions are essentially the same as treaties. In the 1980s and beyond, the term convention has been used more in connection with multilateral, than bilateral, arrangements. Depending on the nature of the convention, the President may or may not consult the Senate. - Protocols may be any sort of international agreement. A protocol can stand alone or, more generally, it may be a supplementary agreement, or an amendment, of some sort. - Annexes are subsidiary agreements which are additional to a previously established arrangement. However, there is flexibility; the General Agreement on Tariffs and Trade (GATT) uses the term "annex" to indicate a free-standing agreement. - Accords are further from treaties than conventions. If there is any distinction to be made, an accord may suggest a non-binding agreement; there are exceptions. - Memoranda of Understanding are very detailed documents devised by Executive Branch agencies (such as aviation or major fishery agreements). An MOU may be less significant; it takes into account U.S. practice and the requirements of the other government. When a treaty or an executive agreement is first published by the United States, it is assigned a TIAS number and published in slip form in the Treaties and other International Acts Series. TIAS, published by the Department of State, is a series of individual pamphlets.
International Agricultural Research Centers - See: Consultative Group on International Agricultural Research.
International Air Transport Association - IATA, established in 1945, is a trade association serving airlines, passengers, shippers, travel agents, and governments. The association promotes safety, standardization in forms (baggage checks, tickets, weigh bills), and aids in establishing international airfares. IATA headquarters are in Geneva, Switzerland.
International Anticounterfeiting Coalition - The IACC, founded in 1978, is a non-profit organization located in Washington, D.C. The IACC seeks to advance intellectual property rights (IPR) protection on a worldwide basis by promoting laws, regulations, and directives designed to render theft of IPR unattractive and unprofitable.
International Atomic Energy Agency - The IAEA, a specialized agency of the UN, is the primary international organization that enforces a system of safeguards to ensure that non-nuclear weapons states do not divert shipments of sensitive nuclear-related equipment from peaceful applications to the production of nuclear weapons. Before a supplier state of nuclear materials or equipment may approve an export to a non-nuclear weapons NPT (Nuclear non-Proliferation Treaty) signatory state, it must receive assurances that the recipient will place the material under IAEA safeguards. Subsequent to shipment, the recipient state must allow IAEA officials to verify the legitimate end use of the exported materials or equipment. IAEA, established in July 1957, gives advice and technical assistance to developing countries on nuclear power development, nuclear safety, radioactive waste management, and related efforts. Safeguards are the technical means applied by the IAEA to verify that nuclear equipment or materials are used exclusively for peaceful purposes. IAEA headquarters are in Vienna, Austria.
International Atomic Energy List - The International Atomic Energy List is one of three lists maintained by CoCom. The AEL, comprising strictly nuclear-related items that are also of commercial value, consists of: materials, facilities, nuclear-related equipment, and software. State, which has the lead in U.S. negotiations concerning the AEL, relies on DOE experts.
International Bank for Reconstruction and Development - The International Bank for Reconstruction and Development, a part of the World Bank, was established in December 1945 to help countries reconstruct their economies after World War II. IBRD assists developing member countries by lending to government agencies and by guaranteeing private loans for such projects as agricultural modernization or infrastructural development. Bank headquarters are in Washington, D.C. See: World Bank.
International Banking Act - The IBA, passed in 1978, established a federal legislative framework for governing the activities of foreign banks, which previously had been governed only by state laws. The IBA established a policy of national treatment for U.S. offices of foreign banks by: (a) limiting any new multistate branching activities to activities more comparable to those of U.S. banks; (b) placing the foreign bank offices under the same reserve requirements that apply to U.S. banks; (c) limiting foreign bank involvement in U.S. securities; and (d) making federal deposit insurance available to U.S. offices of foreign banks if they chose to engage in retail banking. See: Foreign Bank Supervision Enhancement Act.
International Banking Facility - An IBF is one of four categories of foreign banking in the United States. An IBF may be a domestic bank or an office of a foreign bank. In either circumstance, the IBF maintains asset and liability ational Summary (MOS) listing all projects in the pipeline; (b) Technical Data Sheets (TDS), published for each approved loan, listing identifying information, procurement methods, cofinancing and similar data; (c) general procurement notices, issued for projects involving international competitive bidding; (d) specific procurement notices describing specific items to be procured and bidding requirements; and (e) major contract award notices identifying successful bidders for contracts which were recently awarded. See: International Competitive Bidding Limited International Bidding Local Competitive Bidding.
International Cargo Handling Coordination Association - The ICHCA: (a) collects, edits, and disseminates technical information relating to cargo handling by all modes of transport; (b) maintains consultative status with the International Standards Organization for the development of standards relating to cargo handling equipment (such as hooks, containers, wire slings, spreaders, and pallets); (c) maintains a library for members' use; and (d) represents members' interests on an international basis. There is an ICHSA U.S. National Section. The ICHCA Secretariat General is in London, England.
International Centre for Settlement of Investment Disputes - ICSID, an affiliate of the World Bank, is a public international organization which provides facilities for the conciliation and arbitration of investment disputes between Contracting States and nationals of other Contracting States. The Centre's objective is to promote an atmosphere of mutual confidence between States and foreign investors conducive to increasing the flow of private international investment. The Centre does not itself engage in conciliation or arbitration but assists in the initiation and conduct of conciliation and arbitration proceedings. Recourse to conciliation and arbitration under the ICSID Convention is entirely voluntary. However, once the parties have consented, they are bound to carry out their undertakings and, the case of arbitration, to abide by the award. All Contracting States, whether or not parties to the dispute, are required to recognize awards rendered pursuant to the Convention as binding and to enforce the pecuniary obligations imposed thereby. The Centre also conducts and publishes research in foreign investment law. ICSID was created under a treaty, the Convenion on the Settlement of Investment Disputes Between States and Nationals of Other States (the ICSID Convention) which entered into force in October 1966. The Centre's headquarters are in Washington, D.C. See: World Bank.
International Chamber of Commerce - ICC was created in 1919 to promote free trade, private enterprise, and represent business interests at national and international levels. Members include national councils from sixty countries. ICC headquarters are in Paris, France.
International Civil Aviation Organization - The ICAO is an United Nations specialized agency which promotes international cooperation in civil aviation. The ICAO Council adopts standards and recommended practices concerning air nagivation, prevention of unlawful interference, and facilitation of border-crossing procedures for international civil aviation. Operating since 1947, ICAO includes almost all U.N. members. Headquarters are in Montreal, Canada.
International Coffee Agreement - An agreement signed by 67 countries, representing all of the world's major exporters and importers of coffee. The International Coffee Organization, ICO, acted as a forum for market participants since the early 1960s, but has not regulated markets since July 1989, when consuming and exporting country members were unable to agree on export quotas. Since suspending export quotas, the ICO has been acting mainly as a center for meetings and as a collector of statistics on the coffee market. The forum scheduled a September 1994 decision on future directions for the ICO. The Association of Coffee Producing Countries, a new pact comprising 28 members which account for 85 percent of world coffee exports, has been seeking to strengthen world prices through an export-retention plan.
International Coffee Organization - See: International Coffee Agreement.
International Commodity Agreement - An ICA is an international understanding, usually reflected in a legal instrument, relating to trade in a particular basic commodity, and based on terms negotiated and accepted by most of the countries that export and import commercially significant quantities of the commodity. Some commodity agreements (such as exists for coffee, cocoa, natural rubber, sugar, and tin) center on economic provisions intended to defend a price range for the commodity through the use of buffer stocks or export quotas or both. Other commodity agreements (such as existing agreements for jute and jute products, olive oil, and wheat) promote cooperation among producers and consumers through improved consultation, exchange of information, research and development, and export promotion.
International Competitive Bidding - ICB is one of several forms of procurement made with World Bank financing. While the World Bank provides financing from its loans for the contracts and ensures that agreed procurement procedures are observed, the borrower, not the World Bank, is always responsible for procurement. ICB requires that: (a) all goods or works to be procured through ICB be internationally advertised through the United Nations (in the publication: Development Business) and at least one major local newspaper; (b) bids be entertained in the bidder's or other currencies in which expenses would normally be occurred on in an international currency specified by the borrower; (c) payments be made in the currencies in the bids, without requirement to accept any portion of payment in countertrade; (d) documents be in an international language (English, French, or Spanish); (e) bids be openly reviewed; and (f) contracts be awarded to the lowest evaluated responsive bid. ICB permits a margin of preference to be given to domestic goods and, under certain conditions, to domestic contracting services in developing countries. See: International Business Opportunities Service Limited International Bidding Local Competitive Bidding.
International Confederation of Agricultural Credit - See: Confederation Internationale du Credit Agricole.
International Confederation of Free Trade Unions - ICFTU was established in 1949 to promote the trade union movement by recognizing workers' organizations and through other means of support for the rights of workers to bargain. Members include more than 140 national organizations from nearly 100 countries. ICFTU organizes and educates free trade unions in the developing world primarly through its three regional organizations: APRO for Asia and the Pacific located in New Delhi, India; AFRO in Afria, and ORIT in Latin America, located in Mexico City. ICFTU headquarters are in Brussels, Belgium.
International Congress Office - The ICO is a U.S. Travel and Tourism Administration office that persuades international associations to select the U.S. as venues for their meetings. The ICO operates out of the American Embassy in Paris.
International Convention on the Simplification and Harmonization of Customs Procedures - This Convention, developed by the Customs Cooperation Council, seeks to foster international trade and cooperation by simplifying and harmonizing customs procedures and operations. (The term "customs procedure is not used in the narrow sense of the treatment assigned to imported goods; it covers all provisions relating to a particular sphere of customs activity.) The Convention (also known as the "Kyoto Convention") was adopted in May 1973 in Kyoto, Japan as a core legal instrument with three original annexes on customs procedures. Nearly thirty additional annexes (each covering a different area of customs procedures and operations) have since been created. To ensure worldwide harmonization, the convention is also open to non-members of the CCC which are state members of the United Nations or its specialized agencies. A country is only required to accept the convention itself and at least one of the annexes to become a contracting party. (When the U.S. became party to the Covnention, effective January, 1984, it accepted twenty of the annexes and entered certain reservations with respect to some of their provisions.) The annexes contain definitions, standards, and recommended practices; and countries can reserve against any standard or recommended practice in a particular annex. There is also a provision obligating countries to review their national legislation every three years to determine if reservations can be removed. See: Customs Cooperation Council.
International Council of Scientific Unions - The International Research Council (a predecessor organization to ICSU) was created in 1919 to coordinate international activity in the different branches of science and their applications. ICSU, founded in 1931, is a non-governmental organization with two categories of members: (a) national, multidisciplinary scientific academies or research councils which promote cooperation and research and (b) international organizations which promote cooperation in a single field of science (scientific unions). A small headquarters office is in Paris, France. The Council seeks to break the barriers of specialization through international interdisciplinary programs and research bodies.
International Court of Justice - The ICJ, established in 1945, is the principal judicial organ of the UN. The ICJ decides cases submitted to it by states and gives advisory opinions on legal questions submitted to it by the General Assembly or Security Council or by UN specialized agencies. The court is composed of 15 judges elected by the General Assembly and the Security Council from a list of persons nominated by the national groups in the Permanent Court of Arbitration. The seat of the Court is in The Hague, Netherlands.
International Data Base - The IDB, which is maintained by the Center for International Research, is an automated data bank containing statistical tables of demographic, economic, and social data for all countries of the world. Data categories include: population; vital statistics; health and nutrition; fertility, migration; foreign-born and refugee statistics; provinces and cities; marital status; family planning; ethnic, religious and language groups; literacy and education; labor force, employment, income and gross national product; and household size and housing indicators. IDB data users include the U.S. government, private firms, research institutions, and international organizations. See: Center for International Research.
International Depository Receipt - An IDR is a negotiable bank-issued certificate representing ownership of stock securities by an investor outside the country of origin. The securities backing the receipt remain in the custody of the issuing bank or a correspondent.
International Development Association - The IDA, a part of the World Bank Group, was created in 1959 (began operations in November 1990) to lend money to developing countries at no interest and for a long repayment period. IDA provides development assistance through soft loans to meet the needs of many developing countries that cannot afford development loans at ordinary rates of interest and in the time span of conventional loans. The Association's headquarters are in Washington, D.C. See: World Bank.
International Electrotechnical Commission - The International Electrotechnical Commission was established in 1906 to deal with questions related to international standardization in the electrical and electronic engineering fields. The members of the IEC are the national committees, one for each country, which are required to be as representative as possible of all electrical interests in the country concerned: manufacturers, users, governmental authorities, teaching, and professional bodies. They are composed of representatives of the various organizations which deal with questions of electrical standardization at the national level. Most of them are recognized and supported by their governments.
International Emergency Economic Powers Act - The International Emergency Economic Powers Act (IEEPA) was enacted in 1977 to extend emergency powers previously granted to the President by the Trading with the Enemy Act of 1917 (which still authorized the President to exercise extraordinary powers when the United States is at war). IEEPA enables the President, after declaring that a national emergency exists because of a threat from a source outside the United States, to investigate, regulate, compel or prohibit virtually any economic transaction involving property in which a foreign country or national has an interest.
International Energy Agency - The IEA was founded in 1974 as a forum for energy cooperation among 21 member nations. The IEA helped participating countries prepare to reduce the economic risks of oil supply disruptions and to reduce dependence on oil through coordinated and cooperative research efforts.
International Executive Service Corps - The IESC is a non-profit, Agency for International Development-funded organization which recruits retired U.S. executives and technical advisers to counsel businesses in developing nations on a volunteer basis. IESC's program includes short-term technical and managerial assistance and long-range trade and investment services. IESC was founded in 1964; headquarters is in Stamford, Connecticut.
International Exhibitions Bureau - The IEB governs the frequency of international exhibitions and oversees the guarantees and facilties which the host nation is required to offer. By agreement, member states may mount international exhibitions only after the events have been registered with IEB. Member states are also precluded from participating in exhibitions in non-member states in the absence of agreement by the Bureau. IEB, originally created in in 1928, was revised in 1972; headquarters are in Paris, France.

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