Tariffs and Customs Terms A.1.05

Question 1

a written statement, sworn or oath to be true especially signed in the presence of notary public or lawyer.

Answer 1

affidavit

Question 2

a business enterprise directly or indirectly owned or controlled by a person or firm in another country.

Answer 2

affiliate

Question 3

an agreement wherein a shipping line provides cargo space for an exporter or importer, who must pay even if he fails to deliver shipment to the vessel.

Answer 3

affreightment contract

Question 4

a bank that offers short-term financing to African exporters.

Answer 4

African Export-Import Bank

Question 5

at or towards the rear of a ship or aircraft.

Answer 5

aft

Question 6

stands for Asean Free Trade Area which involves the removal of obstacles to freer trade among member states. This includes the abolition of high tariffs or taxes on traded goods and the scrapping of quantitative restrictions. (QR’s) and other non-tariff barriers (NTB’s) that limit the entry of imports.

Answer 6

AFTA

Question 7

a term used on a draft, bill of exchange, or promissory note, to indicate its date of maturity after presentation of the document to the drawee or payee.

Answer 7

after date

Question 8

a contract whereby an agent is hired to render certain services to a client or principal for a fee.

Answer 8

agency

Question 9

a contract between an agent and his principal.

Answer 9

agency agreement

Question 10

expenses incurred in hiring an agent.

Answer 10

agency cost

Question 11

payment to agents who attend to the ship’s business operations while in port.

Answer 11

agency fees

Question 12

a publication of a rate bureau containing the transport rates being charged by carriers.

Answer 12

agency tariff

Question 13

a person of firm acting in behalf of a principal. He engages in any of these activities: sales, marketing, acquisition of cargo, documentation, cargo handling, equipment control, issuance of import documents, collection of charges, delivery, handling of cargo claims.

Answer 13

Agent

Question 14

a bank that uses the credit card system of another bank.

Answer 14

agent bank

Question 15

a term that means the agent of the customer refused to accept delivery of cargo.

Answer 15

agent refusal

Question 16

the net advantage a company derives if it shares, a common building or plant site with another.

Answer 16

agglomeration

Question 17

a reduced rate offered by a carrier to a shipper for the transport of similar shipments at a given time, and to a single destination.

Answer 17

aggregate tender rate

Question 18

is that party aggrieved by the judgment or decree when it operates on his rights or property or bears directly upon his interest. “aggrieved” refers to a substantial grievance, a denial of some personal property right or the imposition upon a party of a burden or obligation.

Answer 18

aggrieved party

Question 19

under the World Trade Organization, it is the agreement that covers agricultural products listed in the Harmonized System.

Answer 19

Agreement on Agriculture

Question 20

agreement forged under the Uruguay Round of the World Trade Organization to harmonize non-preferential Rules of Origin to make them transparent, consistent, uniform, impartial and reasonable.

Answer 20

Agreement on the Rules of Origin

Question 21

provision of emergency actions to counteract the influx of imports that have caused, or threaten to cause, serious injury to a domestic injury. Such measures, which take the form of suspension or obligations, can consists of quantitative import restrictions or imposition of higher import duty.

Answer 21

Agreement on Safeguards

Question 22

it addresses multilateral disciplines regulating the grant of subsidies and the use of countervailing measures to, offset injury caused by subsidized imports.

Answer 22

Agreement on Subsidies and Countervailing Measures

Question 23

an agreement among members of the World Trade organization for the removal of quotas on textiles and clothing by January 1,2005. replacing the Multi-fiber Agreement., it provides for a 10 year transition phase (which began in 1995), so countries can adjust to the effects of removal. It operates under six principles; a) It covers yarns, fabrics, ready-to-wear products, and clothing. b) It facilitates integration of these products into the rules of the General Agreement on Tariffs and Trade. C) It enlarges existing quotas (until their removal) by increasing annual growth rates at each stage. D) It provides safeguard mechanism during the transition. E) it establishes a textile Monitoring Body to ensure compliance, and f) It set rules on circumvention of quotas, treatment of non-MN (Most-Favored Nation) restrictions, commitments, etc. Its effectivity is from 1995-2004.

Answer 23

Agreement on Textiles and Clothing

Question 24

an office of the U.S. Agriculture Department tasked to ensure that export products meet contract specification.

Answer 24

Agricultural Marketing Services

Question 25

embassy officials who address agricultural trade policy issues and draft reports on agricultural commodities.

Answer 25

agricultural officers