Glossary of Trade & Shipping Terms

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Glossary of Trade & Shipping Terms - I2

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International Finance Corporation - The IFC was established in 1956 as a member of the World Bank Group. The IFC promotes private sector investment in developing countries. The IFC charges market rates and seeks profitable returns. See: Africa Enterprise Fund Africa Project Development Facility African Management Services Company Caribbean/Central America Business Advisory Service World Bank.
International Frequency Registration Board - The IFRB (French: Comite International d'Enregistrement des Frequences) is an organizational entity under the International Telecommunication Union (ITU). Located in Geneva, IFRB is composed of five full-time elected officials with a rotating chairmanship. IFRB maintains the International Frequency Register, monitors and analyzes all ITU records of frequency use around the world, and makes determinations as to whether or not certain systems are in compliance with the Radio Regulations.
International Fund For Agricultural Development - IFAD, created in 1976 (began operations in December 1977), provides financial support for programs which improve agricultural policies and increase food production among members. The Fund also seeks to improve nutrition in developing countries. IFAF membership includes over 140 nations; headquarters are in Rome, Italy.
International Industrial List - The CoCom industrial list contains dual-use items whose export are controlled for strategic reasons.
International Institute for the Unification of Private Law - UNIDROIT studies methods for coordinate and unify the private and trade laws of member countries. The Institute (originally established in 1926 at the initiative of Italy and associated with the League of Nations) is independent, with headquarters in Rome, Italy.
International Intellectual Property Alliance - The IIPA represents U.S. copyright-based industries in bilateral and multilateral efforts to improve international protection of copyrighted works. IIPA is composed of trade associations each representing a significant segment of the U.S. copyright community. IIPA was formed in 1984; headquarters are in Washington, D.C.
International Investment - See: Foreign Direct Investment in the United States Portfolio Investment.
International Labor Organization - The ILO, set up in 1919, became a specialized agency of the United Nations in 1946. The ILO seeks to promote improved working and living conditions by establishing standards that reduce social injustice in areas such as employment, pay, health, working conditions, and freedom of association among workers. Headquarers are in Geneva, Switzerland.
International Maritime Organization - The IMO was established as a specialized agency of the United Nations in 1948. The IMO facilitates cooperation on technical matters affecting merchant shipping and traffic, including improved maritime safety and prevention of marine pollution. Headquartrers are in London, England.
International Maritime Satellite Organization - INMARSAT is an international partnership of signatories from 67 nations. The partnership provides mobile satellite capacity to its signatories, who, in turn, use the capacity to provide worldwide mobile satellite services to their maritime, aeronautical and land-mobile customers -- including shipping, cruise, fishing, research and offshore exploration industries, and airlines. INMARSAT began service in 1976. COMSAT is the U.S. signatory to INMARSAT.
International Market Research - See: Industry Subsector Analysis.
International Market Insights - International Market Insight, IMI, reports are prepared by staff at American embassies and consulates. An IMI covers developments in a single country that are of interest to traders and investors. Topics may include: new laws, policies and procedures, new trade regulations, and marketplace changes.
International Monetary Fund - The IMF, established in December 1945, promotes international monetary harmony, monitors the exchange rate and monetary policies of member nations, and provides credit for member countries which experience temporary balance of payments deficits. Each member has a quota, expressed in Special Drawing Rights, which reflects both the relative size of the member's economy and that member's voting power in the Fund. Quotas also determine members' access to the financial resources of, and their shares in the allocation of Special Drawing Rights by, the Fund. The IMF, funded through members' quotas, may supplement resources through borrowing. IMF membership is approximately 175 countries. See: Compensatory and Contingency Financing Facility Credit Tranches Enhanced Structural Adjustment Facility Extended Fund Facility General Arrangements to Borrow Reserve Tranche Special Drawing Rights Stand-By Arrangements.
International Munitions List - The International Munitions List, IML, is one of three lists controlled by the 17-member Coordinating Committee on Multilateral Export Controls (CoCom). The IML contains 23 categories and is similar in coverage, but less restrictive, than the U.S. Munitions List (USML).
International Organization for Migration - The IOM assists countries in meeting individual needs arising from immigration and emigration. The Organization was established in 1951; headquarters are in Geneva, Switzerland.
International POW WOW - The International POW WOW promotes foreign tourism to the United States. It is an annual trade fair, sponsored by the Travel Industry Association of America, which brings together over 1,200 international buyers (tour operators and wholesalers) from 55 countries. The buyers are chosen through international selection criteria and purchase packages which they sell to their respective travel retailers.
International Radio Consultative Committee - CCIR (French: Comite International des Radiocommunications) studies and issues recommendations on technical and operating questions connected with radiocommunications. CCIR, a subsidiary organization of the International Telecommunications Union, is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Telecommunications Union.
International Service for National Agricultural Research - See: Consultative Group on International Agricultural Research.
International Social Security Association - The ISSA, established in 1927, is comprised of organizations responsible for the administration of social security. ISSA aims to protect and develop social security throughout the world. The Assocation works closely with the International Labor Organization (ILO). The ISSA secretariat is locaated in the ILO building in Geneva, Switzerland.
International Standards Organization - The ISO, established in 1947, is a worldwide federation of national bodies, representing approximately 90 member countries. The scope of the International Standards Organization covers standardization in all fields except electrical and electronic engineering standards, which are the responsibility of the IEC, International Electrotechnical Commission. Together, the ISO and IEC form the specialized system for worldwide standardization -- the world's largest nongovernmental system for voluntary industrial and technical collaboration at the international level. The result of ISO technical work is published in the form of International Standards. There are, for example, ISO standards for the quality grading of steel; for testing the strength of woven textiles; for storage of citrus fruits; for magnetic codes on credit cards; for automobile safety belts; and for ensuring the quality and performance of such diverse products as surgical implants, ski bindings, wire ropes, and photographic lenses. See: International Accreditation Forum.
International Standards Organization 9000-9004 - ISO 9000 is the general name for the quality standard accepted throughout the European Economic Community. It was initially adopted in 1987. ISO is a series of documents on quality assurance published by the Geneva-based International Standards Organization. The five documents outline standards for developing Total Quality Management and a Quality Improvement Process. 9000 consists of guidelines for the selection and use of the quality systems contained in 9001-9003. 9001 outlines a model for quality assurance in design, development, production, installation, and servicing. 9002 outlines a model for quality assurance in production and installation. 9003 outlines model for quality assurance for final inspection and testing. 9004 is not a standard but contains guidelines for quality management and quality system elements.
International Standards Organization Information Network - ISONET is an agreement between standardizing bodies to make information on standards, technical regulations, and related matters readily available. ISONET links the information centers of national standards bodies with each other and with the ISO Information Centre in Geneva, Switzerland. National members of ISONET are responsible for serving as the international reference point for information about the standards, technical regulations and certification systems which operate in the individual member's country and for providing their own nationals with information on national, foreign, regional and international technical rules.
International Swaps and Derivatives Association - ISDA promotes orderly practices in the swap market, conducts research on the volume and quality of transactions, and public understanding. The Association, established in 1985, is a not-for-profit corporation, with headquarters in New York City; members include over 140 institutions worldwide representing dealers in swaps, corporations, software firms, and law firms. ISDA, formerly known as the International Swap Dealers Association, changed its name in August 1993. See: Derivatives.
International Telecommunications Satellite Organization - INTELSAT, created in 1964 under a multilateral agreement, is a nonprofit cooperative of about 120 countries that jointly own and operate a global communications satellite system serving the world. The system is used primarily for international communications, and by many countries for domestic communications. In 1991, the INTELSAT system comprised a network of 16 satellites in geosynchronous orbit over the Atlantic, Indian, and Pacific Ocean regions, with service to about 1,500 international and domestic earth station antennas. COMSAT is the United Statess representative to and participant in Intelsat.
International Telecommunications Services - These are transborder services provided via cable, radio, or satellite. These service offerings have traditionally been international message telephone service (IMTS), telex, and telegraph, but during the 1980's have grown to include private leased lines, overseas value-added services, and international 800 services.
International Telecommunication Union - The ITU (French: Union Internationale des Telecommunications, UIT) is a specialized agency of the United Nations with responsibilities for developing operational procedures and technical standards for the use of the radio frequency spectrum, the satellite orbit, and for the international public telephone and telegraph network. ITU develops telecommunications standards in the form of recommendations covering all technical aspects of systems and equipment including interfaces, methods of operation and principles governing the fixing of tariffs and rates to be charged. There are over 160 member nations of the ITU. The Radio Regulations that results from ITU conferences have treaty status and provide the principal guidelines for world telecommunications. In the case of the U.S., they are the framework for development of the U.S. national frequency allocations and regulations. The ITU has four permanent organs: the General Secretariat, the International Frequency Registration Board (IFRB), the International Radio Consultative Committee (CCIR), and the International Telegraph and Telephone Consultative Committee (CCITT). The Union is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Frequency Registration Board International Radio Consultative Committee International Telegraph and Telephone Consultative Committee.
International Telegraphy and Telephone Consultative Committee - CCITT (French: Comite Consultatif International Telegraphique et Telephonique) studies and issues recommendations on standards and specifications on techincal, operating, and tariff questions connected with telephony, data transmission, and telegraphy. CCITT, a subsidiary organization of the International Telecommunications Union, is located in Geneva, Switzerland. The Department of State is the U.S. member. See: International Telecommunication Union.
International Trade Commission - An independent U.S. Government agency concerned with imports, import duties, and the effect of imports on U.S. industry. The Commission has six commissioners who review and make recommendations concerning countervailing duty and antidumping petitions submitted by U.S. industries seeking relief from imports that benefit unfair trade practices. Known as the U.S. Tariff Commission before its mandate was broadened by the Trade Act of 1974.
International Trade Development Centers - ITDCs provide programs and services to farmers and agribusinesses to enhance exports of agricultural and forestry commodities and related products. Activities include developing and promoting programs unique to a region's products, conducting research, providing market information, and offering conferences and seminars for exports. Grants for the ITDCs are administered by the Agriculture Department's Cooperative State Research Service.
International Traffic in Arms Regulations - The International Traffic in Arms Regulations, ITAR, are administered by the State Department to control the export of U.S. defense articles and services. The provisions implemented in the ITAR are governed by the Arms Export Control Act. Direct commercial sales of U.S.-origin defense products, components, technologies, and services are controlled under the ITAR by the State's Office of Defense Trade Controls. See: Defense Trade Regulations.
International Value-Added Network Services - IVANS include advanced telecommunications services, such as voice mail and electronic banking. IVANS agreements play a growing role in maintaining the competitiveness of American firms and provide benefits for consumers worldwide.
Investment Climate Statements - Investment climate statements, ICSs, are prepared occasionally by the commercial sections of the U.S. embassies for the U.S. and Foreign Commercial Service, covering 67 individual countries. The ICSs provide statistics and analysis of policies and issues effecting the climate for direct investment in the individual country.
Investment Sector Loan Program - The ISLP, administered by the Inter-American Development Bank (IDB) as part of the Enterprise for the Americas initiative, supports investment sector reforms in Latin America and the Caribbean. The IDB evalutes the need for reform in individual countries and, with input from several U.S. government agencies, negotiates the terms for investment sector loans. See: Enterprise for the Americas Initiative.
Investment Promotion Services - See: United Nations Industrial Development Organization.
Invisibles - This refers to areas of non-merchandise "invisible trade" that include expenses such as freight and insurance and most types of services and investment.
Irrevocable Letter of Credit - A letter of credit in which the specified payment is guaranteed by the issuing bank if all terms and conditions are met by the drawee. It is as good as the issuing bank.
Islamic Conference Organization - See: Organization of the Islamic Conference.
Islamic Development Bank - The IsDB (sometimes IDB) finances economic aid and social development in member countries. The Bank also supports Muslim communities in non-member countries. Membership is open to all countries which are members of the Islamic Conference. Members include: Afghanistan, Algeria, Bahrain, Bangladesh, Benin, Brunei, Burkina, the Cameroon, Chad, Comoros, Djibouti, Egypt, Gabon, The Gambia, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan Kuwait, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Niger, Oman, Pakistan, the Palestine Liberation Organization, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Syria, Tunisia, Turkey, Uganda, the United Arab Emirates, and Yemen. The Bank was created in 1973 (began operations in October 1975); headquarters are in Jeddah, Saudi Arabia.
Istituto Nazionale per il Commercio Estero - ICE (English: Institute of Foreign Trade) is an Italian agency which promotes exports through a network of domestic and foreign offices. Although ICE obtains overall policy directiel Commercio con l'Estero), it functions as an autonomous public corporation. The Ministry of Foreign Affairs (Ministero degseas embassies and consulates, though ICE's overseas officers are independent of these organizations.
IACAC - Inter-American Commercial Arbitration Commisoalition
IADB - Inter-American Development Bank
IAEA - International Atomic Energy Agency
IAEL - International Atomic Em
IAIGC - Inter-Arab Investment Guarantee Corporation
IARCs - International Agricultural Research Centers
IATA - International Air Transport Association
IAU - International Accounting Unit
IBA - International Banking Act
IBF - International Banking Facility
IBOR - Interbank Offered Rate
IBOS - International Business Opportunities Service
IBRD - International Bank for Reconstruction and Development
IC - Import Certificate, Integrated Circuit
IC - International Coffee Organization, International Congress Office, Islamic Conference Organization
ICA - International Civil Aviation Organization
ICA - International Cocoa Agreement, International Coffee Agreement, International Commodity Agreement
ICAC - International Confederation of Agricultural Credit
ICB - International Competitive Bidding
ICC - International Chamber of Commerce
ICE - Istituto Nazionale per il Commercio Estero
ICFTU - International Confederation of Free Trade Unions
ICHCA - International Cargo Handling Coordination Association
ICON - Indexed Currency Option Note
ICS - Investment Climate Statement
ICSID - International Centre for the Settlement for Investment, Disputes
ICSU - International Council of Scientific Unions
ICTF - Intermodal Container Transfer Facility
IDA - International Development Association
IDB - Inter-American Development Bank, International Data Base, Islamic Development Bank
IDR - International Depository Receipt
IE - Infrequent Exporter
IEC - International Electrotechnical Commission
IEEPA - International Emergency Economic Powers Act
IEPG - Independent European Program Group
IESC - International Executive Service Corps
IFAC - Industry Functional Advisory Committee
IFAD - International Fund for Agricultural Development
IFC - International Finance Corporation
IFRB - International Frequency Registration Board
IFS - Industry Focused Seminar, In-Flight Survey
IFU - Industrialization Fund for Developing Countries
IGADD - Inter-Governmental Authority on Drought and Development
IGC - Interagency Group on Countertrade
IIC - Inter-American Investment Corporation
IIPA - International Intellectual Property Alliance
IIT - Instruments of International Traffic
IL - Industrial List
IL - International Labor Organization
IM - International Maritime Organization
IM - International Maritime Organization
IMF - International Monetary Fund
IMI - International Market Insight
IML - International Munitions List
INMARSAT - International Maritime Satellite Organization
INR - Initial Negotiating Right
INTELSAT - International Telecommunications Satellite Organization
IOGA - Industry-Organized, Government-Approved Mission
IOM - International Organization for Migration
IPA - Investment Promotion Services
IPAC - Industry Policy Advisory Committee
IPR - Intellectual Property Rights
IS - International Standards Organization
ISA - Industry Sub-Sector Analysis, International Sugar Agreement
ISAC - Industry Sector Advisory Committee
ISDA - International Swaps and Derivatives Association
IsDB - Islamic Development Bank
ISDN - Integrated Services Digital Network
ISLP - Investment Sector Loan Program
ISNAR - International Service for National Agricultural Research
ISONET - International Standards Organization Information Network
ISSA - International Social Security Association
ITA - International Tin Agreement, International Trade Administration
ITAR - International Traffic in Arms Regulations
ITC - International Trade Commission
ITDCs - International Trade Development Centers
ITU - International Telecommunication Union
IVL - Individual Validated License
IWC - International Whaling Commission
i. and/or o. - In and/or overdeck
I.A.E.A. - International Atomic Energy Agency
I.A.T.A. - International Air Transport Association
I.B. - Invoice book. In bond
I.B.C. - Institute Builders' Clauses
I.B.N.R. - Incurred but not reported
I.B.R.D. - International Bank for Reconstruction and Developement
I.C. & C. - Invoice coast and charges
I.C.A.O. - International Civil Aviation Organization
I.C.C. - International Chamber of Commerce, Institute Cargo Clauses
I.C.E.S. - International Council for the Exploration of the Sea
I.C.F.U. - International Confederation of Free Trade Unions
I.C.S. - Institute of Chartered Shipbrokers, International Chamber of Shipping
I.C.S.U. - International Council of Scientific Unions
I.D.A. - International Development Association
i.f. - In full
I.F.C. - Institute Freight Clauses, International Finance Corporation
I.F.F. - Institute of Freight Forwarders
I.F.V.C. - Institute Fishing Vessel Clauses
I.H.P. - Indicated Horse-Power
I.I.L. - Insurance Institute of London
I.L.A. - International Longshoremen's Association
I.L.O. - International Labor Organization
I.L.U. - Institute of London Underwriters
I.M.F. - International Monetary Fund
I.M.I.F. - International Maritime Industry Forum
I.M.O. - Intrnational Maritime Organization
I.M.R.O. - Investment Management Regulatory Organization
I.M.T.A. - International Meat Trade Association
i.p.f. - Intaken piled fathom
I.P.R.C. - Institute Port Risks Clauses
I.R. - Inland Revenue
i.r.o. - In respect of
I.R.S. - Indian Register of Shipping
I.S.F. - International Shipping Federation
I.T.C. - Institute Time Clauses
I.T.U. - International Telecommunications Union
i.v. - Invoice value. Increased value
I.V.C. - Institute Voyage Clauses (Hulls)
I.Y.C. - Institute Yacht Clauses
i/o - In and/or overdeck
IAPH - International Association of Ports and Harbours
ICC - International Chamber of Commerce
ICD - Inland clearance depot
ICHCA - International Cargo Handling Co-ordination Association
IMF - International Monetary Fund
Ince. - Insurance
Inst. Wties - Insurance warranties
Int. - Interest
Inter Arr - Internal arrangements
IRR - Internal rate of return
ISO - International Organization for Standardization
Immediate Transportation Entry - A customs form declaring goods for transportation by a bonded carrier from a port of entry to a bonded warehouse at an inland port, or another port of entry.
Import Merchant - A merchant who buys overseas for his own account for the purpose of later resale, handling all details of import documentation and transportation. Usually the merchant is specialized in one or two commodities.
Import Rate - A rate established specifically for application on import traffic and generally less, when so published, than a domestic rate.
Import Surcharge - A charge on imports over and above regular tariffs or customs fees.
Importer Distributor - A merchant who imports goods, usually on an exclusive territory arrangement, maintains an inventory and, through a sales staff, sells to retailers.
In Bond - Goods are held or transported in bond under customs control either until import duties or other charges are paid, or in order to avoid paying such duties or charges. (Example: Canadian goods are transported in bond through the United States for export to a third country to avoid paying United States customs duties.) Bonded warehouses are available at more ports for storing goods awaiting payment of import duty, or export.
Indent - A requisition for goods, enumerating conditions of the sale. Acceptance of an indent by a seller constitutes his agreement to the conditions of the sale.
Indirect Exporting - Sale by the exporter to the buyer through a domestically located intermediary.
Indirect Tax - A tax that is levied on expenditures, i.e., a sales tax, excise tax or value added tax.
Infant Industry - This term derives from the idea that temporary protection in the form of tariffs or non-tariff barriers can help establish an industry and ensure its eventual competitiveness in world markets. Although a case may be made for restricting trade due to the infant industry argument under the GATT, the company may be required to compensate adversely affected signatories. Article XVIII outlines where Balance of Payments and Infant Industry restrictions may be legitimately used.
Initial Negotiating Right (INR) - 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 U.S. International Trade Commission that imports are causing harm to a U.S. industry. An injury determination is the basis for Section 201 case. It is also a requirement in all antidumping (AD) and most countervailing duty (CVD) cases. In conjunction with Commerce Department, determinations on dumping and subsidization, the ITC determines whether there is serious injury to U.S. industry in a 201 case, while in AD/ CVD cases it investigates whether there is material injury.
Inland Carrier - A transportation line which hauls export or import traffic between ports and inland points.
Installment Shipments - Successive shipments permuted under letters of credit. Usually they must take place within a given period of time. If not shipped within that period, the credit ceases to be available automatically unless otherwise authorized in the letter of credit.
Intellectual Property Rights (IPRs) - This is the ownership of the right to possess or otherwise use or dispose of products created by human ingenuity. Trademarks, patents and copyrights are examples of this. There are international organizations which deal solely with intellectual property.
International And Territorial Operations - In general, operations outside the territory of the United States, including operations between U.S. points separated by foreign territory or major expanses of international waters.
International Bank for Reconstruction and Development (IBRD) - Commonly referred to as the World Bank, the IBRD is an intergovernmental financial institution with the objective of raising world living standards and reducing poverty in developing countries.
International Monetary Fund (IMF) - This is an international financial institution that was created in 1946 after the 1944 Bretton Woods Conference. The purpose of the fund is to assist in the expansion of stable world trade while continuing to monitor exchange rate policies of member countries. As needed, the member countries are able to acquire financial resources to aid their adjustment policies.
Irrevocable - This the most common instrument of credit in international trade, carries an irrevocable obligation of the issuing bank to pay the beneficiary when drafts and documents are presented in accordance with the terms of the letter of credit. An irrevocable letter of credit, once issued, cannot be amended or canceled without the agreement of all named parties. As such, it must have a fixed expiration date.
Issuing Bank - A bank which opens a straight or a negotiable letter of credit. This bank assumes the obligation to pay the beneficiary or a correspondent bank if the documents presented are in accordance with the terms of the letters of Edit.

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