Glossary of Trade & Shipping Terms

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Glossary of Trade & Shipping Terms - R

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R. & C.C. - Riots and civil commotions
R.A.T. - Rapeseed Association Terms
R.C.C. & S. - Roils, civil commotions and strikes
r.d. - Running days
R.D.C. - Running down clause
R.I. - Registro Italiano
R.N.L.I. - Royal National Life-boat Institution
R.O.A. - Reinsurance Offices Association
r.o.b. - Remain, -ing on board
R.O.D. - Rust, oxidation and discolouration
R.P. - Return premium
r.r.&i. - Respective rights and interests
R.S. - Revised Statutes (U.S.A.)
R.S. & C.C. - Roits, Strikes and Civil Commotions
R.T. - Rye terms
R.T.A. - Rubber Trade Association
R/A - Refer to acceptor
R/D - Refer to drawer
R/p - Return of post for orders
RACE - Research in Advanced Communications in Europe
Rank in Person - The personal rank that a Foreign Service officer maintains even when occupying a job of higher or lower rank.
RBPs - Restrictive Business Practices
RCS - Regular Catalog Show
Rds. - Roads
Reciprocal Defense Procurement Memoranda of Understanding - Reciprocal memoranda of understanding (MOU) are broad bilateral umbrella MOUs that seek to reduce trade barriers on defense procurement. They usually call for the waiver of "buy national" restrictions, customs and duties to allow the contractors of the signatories to participate, on a competitive basis, in the defense procurement of the other country. These agreements were designed in the late 1970's to promote rationalization, standardization, and interoperability of defense equipment within NATO. At that time, the MOU's were also intended to reduce the large defense trade advantage the United States possessed over the European allies. The first agreements were signed in 1978.
Reciprocity - The reduction of a country's import duties or other trade restraints in return for comparable trade concessions from another country. Reciprocity includes the lowering of customs duties on imports in return for tariff concessions from other countries; the negotiated reduction of a country's import duties or other trade restraints in return for similar concessions from another country. Reciprocity is a traditional principle of GATT trade negotiations that implies an approximate equality of concessions accorded and benefits received among or between participants in a negotiation. In practice this principle applies only in negotiations between developed countries. Because of the frequently wide disparity in their economic capacities and potential, the relationship between developed and developing countries is generally not one of equivalence. The concept of "relative reciprocity" has emerged to characterize the practice by developed countries to seek less than full reciprocity from developing countries in trade negotiations.
Red Clause - An Authorization in a commercial letter of credit authorizing the advising/negotiating bank to make a limited advance to the seller before the shipment to the buyer is made. Such advances can be made up to 100% of the shipment value. These advances enable the seller to procure supplies for manufacturing or shipment. Negotiations of Red Clause credits are restricted to the bank making the advances in order to assure that proceeds from the shipment are used to repay the advances.
Reexports - For export control purposes: the shipment of U.S. origin products from one foreign destination to another. For statistical reporting purposes: exports of foreign-origin merchandise which have previously entered the United States for consumption or into Customs bonded warehouses for U.S. Foreign Trade Zones.
Ref. - Refrigerating machinery
register tonnage - Volume of a ship expressed in tons.
Reinst. - Reinstatement
Request/Offer - A negotiating approach whereby requests are submitted by a country to a trading partner identifying the concessions another seeks through negotiations. Compensating offers are similarly tabled and negotiated by delegates of the countries involved.
res. - Residue, reserve
Reserve Tranche - Member countries of the International Monetary Fund (IMF) have a reserve tranche position to the extent that their quotas exceed the IMF's holdings of its currency in the General Resources Account, excluding holdings arising out of purchases made by the member under all policies on the use of the IMF's general resources. A member may purchase up to the full amount of its reserve tranche at any time, subject only to the requirement of balance of payments need. A reserve tranche position does not constitute a use of IMF credit and is not subject to charges or to an expectation or obligation to repurchase. See: International Monetary Fund.
Residual Restrictions - Quantitative restrictions that have been maintained by governments before they became contracting parties to GATT and, hence, permissible under the GATT "grandfather clause." Most of the residual restrictions still in effect are maintained by developed countries against the imports of agricultural products.
Restrictive Business Practices - Actions in the private sector, such as collusion among the largest international suppliers, designed to restrict competition so as to keep prices relatively high.
Retaliation - Action taken by a country whose exports are adversely affected by the raising of tariffs or other trade restricting measures by another country. The GATT permits an adversely affected contracting party (CP) to impose limited restraints on imports from another CP that has raised its trade barriers (after consultations with countries whose trade might be affected). In theory, the volume of trade affected by such retaliatory measures should approximate the value of trade affected by the precipitating change in import protection.
Returned Without Action - For export control purposes: the return of a license application without action is used when the application is incomplete, additional information is required, or the product is eligible for a General License.
Reverse Preferences - Tariff advantages once offered by developing countries to imports from certain developed countries that granted them preferences. Reverse preferences characterized trading arrangements between the European Community and some developing countries prior to the advent of the Generalized System of Preferences (GSP) and the signing of the Lome Convention.
Revocable Letter of Credit - A letter of credit which can be cancelled or altered by the drawee (buyer) after it has been issued by the drawee's bank.
Revocation of Antidumping Duty Order & Termination of Suspended Investigation - An antidumping duty order may be revoked or a suspended investigation may be terminated upon application from a party to the proceeding. Ordinarily the application is considered only if there have been no sales at less than fair value for at least the two most recent years. However, the International Trade Administration may on its own initiative revoke an antidumping duty order or terminate a suspended investigation if there have not been sales at less than fair value for a period of 3 years. See: Tariff Act of 1930.
Rio Group - The Rio Group is a political forum of Latin American and Caribbean countries which promotes regional political, economic and social cooperation. The Group is comprised of 13 countries, including 11 permanent members: Argentina, Bolivia, Brazil, Colombia, Chile, Ecuador, Mexico, Paraguay, Peru, Uruguay and Venezuela and two rotating members which representing the Central American countries and the Caribbean nations.
ro-ro, roll-on roll-off - System of loading and unloading a ship where the cargo is driven on and off ramps.
ro/ro - Roll-on/roll-off (of cargo loading and unloading)
Rollback - Rollback refers to an agreement among Uruguay Round participants to dismantle all trade-restrictive or distorting measures that are inconsistent with the provisions of the GATT. Measures subject to rollback would be phased out or brought into conformity within an agreed timeframe, no later than by the formal completion of the negotiations. The rollback agreement is accompanied by a commitment to "standstill" on existing trade-restrictive measures. Rollback is also used as a reference to the imposition of quantitative restrictions at levels less than those occurring in the present. See: Standstill.
rolling cargo - Cargo on wheels that can be driven or towed on to a ship.
Rotn. no. - Rotation number
Rounds - Cycles of multilateral trade negotiations under GATT, culminating in simultaneous agreements among participating countries to reduce tariff and non-tariff trade barriers. - 1st Round: 1947, Geneva (creation of the GATT) - 2nd Round: 1949, Annecy, France (tariff reduction) - 3rd Round: 1951, Torquay, England (accession & tariff reduction) - 4th Round: 1956, Geneva (accession and tariff reduction) - 5th Round: 1960-62, Geneva ("Dillon" Round; revision of GATT; addition of more countries) - 6th Round: 1964-67, Geneva ("Kennedy" Round) - 7th Round: 1973-79, Geneva ("Tokyo" Round) - 8th Round: 1986-93, Geneva ("Uruguay" Round)
RPFB - Russian Project Finance Bank
RUIE - Russian Union of Industrialists and Entrepreneurs
Russian Project Finance Bank - The RPFB is a new financial institution set up with the assistance of the European Community. The Bank is intended to develop efficient financial systems in Russia capable of channeling foreign and domestic investment into priority areas by providing medium and long-term financial and high quality investment banking advisory services to businesses.
Russian Union of Industrialists and Entrepreneurs - RUIE promotes commerical links between Western firms and Soviet defense firms. The Union, an independent agency created by the Russian Central government, consists of hundreds of major entreprises and associations.
RWA - Returned Without Action