Glossary of Trade & Shipping Terms

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Glossary of Trade & Shipping Terms - P

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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