Tariffs and Customs Terms I.1.75

Question 1

an international agreement on trade of a particular commodity. For example, agreements on coffee, cocoa, natural rubber, sugar, and tin seek to achieve a reasonable price through buffer stocks or export quotas. Agreements on jute and füte products, olive oil, and wheat center on consultation, information exchange, research and development, and export promotion

Answer 1

International Commodity Agreement

Question 2

inter-governmental commitment of contracting parties to agree to use the 6-digit (not 8-digit) Harmonized System classification as basis of tariff imposition and commodity nomenclature.

Answer 2

International Convention on the Harmonized System

Question 3

more known as the Kyoto Convention (held in May 1973), it seeks to foster global trade and cooperation by simplifying and harmonizing Customs procedures and operations. Developed by the Customs Cooperation Council, it consists of annexes outlining such procedures, definition of vital Customs terms, standards, and recommended practices

Answer 3

International Convention on the Simplification, and Harmonization of Customs Procedures

Question 4

the principal judicial organ of the United Nations (U.N.) that decides international legal disputes and gives opinions on issues submitted by the U.N. General Assembly, Security Council, or specialized agencies

Answer 4

International Court of Justice

Question 5

a set of international trade and transport practices followed by modern Customs administration. These emanate from documents crafted by the World Customs: Organization. A classic example is the use of risk-assessment techniques with pre-entry and post-audit procedures (the so-called selectivity system)

Answer 5

International Customs Guidelines

Question 6

a network of multinational law enforcement authorities established to exchange information on money laundering and other criminal activities

Answer 6

International Criminal Police Organization

Question 7

an independent body of the United Nations that studies methods to unify private and trade laws of member countries.

Answer 7

International institute for the Unification of Private Law (Institut International pour I’unification der droit prive or UNIDROIT)

Question 8

a reference which lists the regulations that govern every commodity and includes emergency procedures.

Answer 8

International Marine Consultative Organization Blue Book Lists

Question 9

a set of codes for dangerous goods carried at sea, as defined by the International Maritime Organization in compliance with international legal requirements.

Answer 9

International Maritime Dangerous Goods

Question 10

established as a specialized agency of the United Nations in 1948, it facilitates technical cooperation on merchant shipping and traffic, maritime safety, and prevention of marine pollution. It also prescribes codes and rules on tonnage, measurement of vessels, load lines, and carriages of dangerous goods.

Answer 10

International Maritime Organization

Question 11

reports made by American embassies and consulates, and discuss legal development, policies, trade regulations, and market profile of a particular country

Answer 11

International Market Insights

Question 12

otherwise known as the “doctor of the sea’, it provides a medical manual for the ship’s officers and crew

Answer 12

international Medical Guide for Ships

Question 13

established in December 1945, it monitors exchange rates and monetary policies of member-nations, and lends funds to members with negative balance of payments

Answer 13

International Monetary Fund

Question 14

also known as Collisions Regulations (Rule of the Road), it consists of 38 Rules and four anexxes that set forth international rules and regulation on navigations.

Answer 14

International Regulations for Preventing Collisions at Sea (1972)

Question 15

a worldwide federations that set standards on the production of globally-traded merchandise, except electrical and electronic engineering standards, which are prescribed by the International Electrotechnical Commission.

Answer 15

International Standards Organization

Question 16

economic exchange of goods and services between and among countries.

Answer 16

international trade

Question 17

commercial movement of persons or shipments between states.

Answer 17

interstate commerce

Question 17

an independent U.S. agency concerned with, imports, duties, and the effect of imports in American industries. It has six commissioners-who review and make recommendations on countervailing duty and anti-dumping petitions.

Answer 17

International Trade Commission

Question 18

is present when acts are performed which either, their own nature by reason of the circumstances under which they are executed, inspired fear in the person against whom they are directed

Answer 18

intimidation

Question 18

a phrase that means the goods and/or equipment have been moved into a less-container load or packing depot.

Answer 18

into packing depot

Question 19

a situation wherein the goods or persons are between outwards Customs clearance and inwards Customs clearance.

Answer 19

in transit

Question 20

the value and quantity of goods a company holds

Answer 20

inventory

Question 21

the cost of holding goods, usually expressed as a percentage of the inventory value. It includes capital, and the cost incurred for warehousing, taxes insurance depreciation, and obsolescence

Answer 21

inventory cost

Question 22

the value and quantity of goods on a carrier to be transported to the buyer

Answer 22

inventory in transit

Question 23

inventory administration through the planning, stock positioning, monitoring product age, and ensuring product availability.

Answer 23

inventory management