Dictionary Definitions

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easement

(law) A right to use another person's property. A property owner who, to enter and exit the property, is given a right to cross another person's adjoining property holds an easement. The right to use an easement is a servitude against the property burdened. See servitude.

Eastern Europe Business Information Center (EEBIC)

(U.S. government) A Department of Commerce facility that was opened in January 1990 to provide information on trade and investment opportunities in Eastern Europe. Address: Eastern Europe Business Information Center, U.S. Department of Commerce, Room 2325, Washington, DC 20230; Tel: (202) 482-2645; Fax: (202) 482-4473; http://www.mac.doc.gov/eebic/ceebic.html.

East-South trade

(economics) Trade between developing countries (South) with non-market economies (East).

East-West trade

(economics) Trade between countries with developed market economies (West) and countries with non-market economies (East).

Economic Bulletin Board (EBB)

(U.S.) A personal computer-based economic bulletin board operated by the U.S. Department of Commerce in Washington, DC. The EBB is an online source for trade leads and statistical releases from the Bureau of Economic Analysis, the Census Bureau, the Office of Administration, the Bureau of Labor Statistics, the Federal Reserve Board, the Department of the Treasury, and other Federal agencies.

The EBB may be reached 24 hours each day, 7 days a week at (202) 482-3870 (300/1200/2400 bps) with PC communication switches set to no parity, 8 bit words and 1 stop bit. The 9600 bps service uses US Robotics Dual Standard HST/V.32 modems and can be reached by dialing (202) 482-2584. Information may be obtained by calling (202) 482-1986 (M-F, 8:30 am - 4:30 pm, EST).

The EBB also operates a fax service for receiving trade leads and the latest trade and economic information. No subscription fees are required for this service, although there is a per-minute charge. Dial (900) RUN-A-FAX from your fax machine; call or write EBB for more information on this service. Address: Office of Business Analysis, U.S. Department of Commerce, HCHB Room 4885, Washington, DC 20230; Tel: (202) 482-1986; Fax: (202) 482-2164.

Economic Community of West African States (ECOWAS)

Established in May 1975 by the Treaty of Lagos, the ECOWAS brought together 16 West African countries in an economic association aimed at creating a full customs union (not yet achieved). Members include: Benin, Burkina Faso, Cape Verde, Cote d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo.

economic officers

(U.S.) Embassy officials who analyze and report on macroeconomic trends and trade policies and their implications for U.S. policies and programs. Economic officers represent U.S. interests and arrange and participate in economic and commercial negotiations. See commercial officers; foreign service.

Economic Policy Council (EPC)

(U.S.) The EPC was established by Executive Order in 1985 to address major trade policy issues in a single forum as a means of reducing tensions between different groups, such as the Trade Policy Committee and the Senior Interagency Group. The Council was modified in the Omnibus Trade and Competitiveness Act of 1988. Membership includes the Departments of Treasury (chair pro tem), State, Agriculture, Commerce, Labor, Transportation, the Office of Management and Budget, the U.S. Trade Representative, the Council of Economic Advisers, and the Assistant to the President for Science and Technology.

economy of scale

(economics) The decrease in unit cost as a result of increasing production so that fixed costs may be spread out over a greater number of units produced.

See European Currency Unit.

Edge Act corporations

(banking) Banks that are subsidiaries either to bank holding companies or other banks established to engage in foreign business transactions.

See Electronic Data Interchange for Administration, Commerce, and Transportation.

effective exchange rate

(banking/foreign exchange) Any spot exchange rate actually paid or received by the public, including any taxes or subsidies on the exchange transaction as well as any applicable banking commissions.

Electronic Data Interchange for Administration, Commerce, and Transportation (EDIFACT)

(U.S. Customs) EDIFACT is an international syntax used in the interchange of electronic data. The U.S. Customs Service uses EDIFACT to interchange data with the importing trade community.

electronic funds transfer (EFT)

(banking) System of transferring funds from one account to another by electronic impulses rather than transfer of paper (such as a check).

A prohibition upon exports or imports, either with respect to specific products or specific countries. Historically, embargoes have been ordered most frequently in time of war, but they may also be applied for political, economic or sanitary purposes. Embargoes imposed against an individual country by the United Nations--or a group of nations--in an effort to influence its conduct or its policies are sometimes called "sanctions." See also sanctions.

emphyteusis

(law) A tenant's right to enjoy property owned by another individual or legal entity for a lengthy time and for rent as if the tenant owned it. The tenant may, and is usually expected to, improve the property. The tenant may also demise, assign, or otherwise transfer his or her interest in the property, but the tenant must preserve the property from destruction.

enabling clause

(GATT) Part I of the General Agreement on Tariffs and Trade (GATT) framework which permits developed country members to give more favorable treatment to developing countries and special treatment to the least developed countries, notwithstanding the most-favored-nation provisions of the GATT. See General Agreement on Tariffs and Trade.

endorsement

(banking/law) (In U.K., indorsement) The act of a person who is the holder of a negotiable instrument in signing his or her name on the back of that instrument, thereby transferring title or ownership. An endorsement may be made in favor of another individual or legal entity, resulting in a transfer of the property to that other individual or legal entity.

(a) An endorsement in blank is the writing of only the endorser's name on the negotiable instrument without designating another person to whom the endorsement is made, and with the implied understanding that the instrument is payable to the bearer.

(b) A collection endorsement is one that restricts payment of the endorsed instrument to purposes of deposit or collection.

(c) A conditional endorsement is one that limits the time at which the instrument can be paid or further transferred or that requires the occurrence of an event before the instrument is payable.

(d) A restrictive endorsement is one that directs a specific payment of the instrument, such as for deposit or collection only, and that precludes any other transfer of it.

Enhanced Proliferation Control Initiative (EPCI)

(U.S.) A series of measures to tighten export controls on goods and technologies useful in the production of chemical and missile weapons systems. EPCI allows the U.S. Department of Commerce greater authority to deny exports of low-level goods and technologies to nations of proliferation concern. See U.S. Department of Commerce.

(shipping) In transit (referring to goods, passengers or vessel).

Enterprise for the Americas Initiative (EAI)

The EAI, which was launched in June 1990, is intended to develop a new economic relationship of the U.S. with Latin America. The EAI has trade investment, debt, and environment aspects. With regard to trade, the EAI involves an effort to move towards free trade agreements with markets in Latin America and the Caribbean, particularly with groups of countries that have associated for purposes of trade liberalization.

To begin the process of creating a hemispheric free trade system, the U.S. seeks to enter into "framework" agreements on trade and investment with interested countries or groups of countries. These agreements set up intergovernmental councils to discuss and, where appropriate, to negotiate the removal of trade and investment barriers.

(shipping) An intermediary storage facility where goods are kept temporarily for distribution within a country or for reexport.

entrepôt trade

The import and export of goods without the further processing of the goods. Usually refers to a country, locale or business that buys and sells (imports and exports) as a middleman.

(customs) A statement of the kinds, quantities and values of goods imported together with duties due, if any, and declared before a customs officer or other designated officer.

(U.S. Customs) The process of, and documentation required for securing the release of imported merchandise from Customs.

See also: entry for consumption; entry for warehouse; mail entry; entry documents.

entry documents

(customs) The documents required to secure the release of imported merchandise.

(U.S Customs) Within five working days of the date of arrival of a shipment at a U.S. port of entry, entry documents must be filed at a location specified by the district/area director, unless an extension is granted. These documents consist of:

(1) Entry Manifest, Customs Form 7533; or Application and Special Permit for Immediate Delivery, Customs Form 3461, or other form of merchandise release required by the district director.

(2) Evidence of right to make entry.

(3) Commercial invoice or a pro-forma invoice when the commercial invoice cannot be produced.

(4) Packing lists if appropriate.

(5) Other documents necessary to determine merchandise admissibility.

If the goods are to be released from Customs custody on entry documents, an entry summary for consumption must be filed and estimated duties deposited at the port of entry within 10 working days of the time the goods are entered and released. See entry.

entry for consumption

(U.S. Customs) The process of effecting entry of goods into the United States for use in the United States. The entry of merchandise is a two-part process consisting of: (1) filing the documents necessary to determine whether merchandise may be released from Customs custody and (2) filing the documents which contain information for duty assessment and statistical purposes. In certain instances, such as the entry of merchandise subject to quotas, all documents must be filed and accepted by Customs prior to the release of the goods. See entry; entry documents.

entry for warehouse

(U.S. Customs) A type of U.S. Customs entry where the release of goods (and payment of duty) is postponed by having them placed in a Customs bonded warehouse, where they may remain for up to five years from the date of importation. At any time during that period the goods may be reexported without the payment of duty, or they may be withdrawn for consumption upon the payment of duty at the rate of duty in effect on the date of withdrawal. If the goods are destroyed under Customs' supervision, no duty is payable. See entry; customs bonded warehouse; entry for consumption.

entry summary selectivity system

(U.S. Customs) A part of U.S. Customs' Automated Commercial System, provides an automated review of entry data to determine whether team or routine review of entry is required. Selectivity criteria include an assessment of risk by importer, tariff number, country of origin, manufacturer, and value. Summaries with Census warnings, as well as quota, antidumping and countervailing duty entry summaries are selected for team review. A random sample of routine review summaries is also automatically selected for team review. See Automated Commercial System.

Environmental Protection Agency (EPA)

(U.S. government) An independent agency in the executive branch whose mandate is to control and abate pollution in the areas of air, water, solid waste, pesticides, radiation, and toxic substances. This is achieved through a combination of research, monitoring, standard setting and enforcement activities. Address: Environmental Protection Agency, 401 M St. SW, Washington, DC 20460; Tel: (202) 260-4700; http://www.epa.gov.

equalization

(shipping) A monetary allowance to the customer for picking up or delivering cargo to/from a point which is not the origin/destination shown on the bill of lading. Example, when the bill of lading destination indicates "San Francisco" and cargo is discharged in "Oakland," if the customer picks up the cargo in Oakland, he is allowed the difference in cost between the Oakland pickup to the customer's place of business and the projected actual cost if pick up had been made in San Francisco and drayed to the customer's place of business in San Francisco. This provision is covered by tariff publication.

equitable assignment

(law) An assignment that does not meet statutory requirements but that a court may nevertheless recognize and enforce in equity, that is, to do justice between the parties. If parties make an oral assignment that by statute must be in writing to be enforced, for example, a court may still enforce it as an equitable assignment, particularly if one party has acted in reliance on the assignment and would be harmed if it were not enforced. See assignment.

errors & omissions excepted (E&OE)

(shipping) A notation adjacent to a signature on a document signifying that the signor is disclaiming responsibility for typographical errors or unintentional omissions.

escape clause

A provision in a bilateral or multilateral commercial agreement permitting a signatory nation to suspend tariff or other concessions (temporarily violate their obligations) when imports threaten serious harm to the producers of competitive domestic goods.

(GATT) The General Agreement on Tariffs and Trade (GATT) Article XIX sanctions such "safeguard" provisions to help firms and workers adversely affected by a relatively sudden surge of imports adjust to the rising level of import competition. Countries taking such actions, however, must consult with affected contracting parties to determine appropriate compensation for the violation of GATT rights, or be subject to retaliatory trade actions.

(U.S.) Section 201 of the U.S. Trade Act of 1974 requires the U.S. International Trade Commission to investigate complaints formally known as "petitions" filed by domestic industries or workers claiming that they have been injured or are threatened with injury as a consequence of rapidly rising imports, and to complete any such investigation within six months. Section 203 of the Act provides that if the Commission finds that a domestic industry has been seriously injured or threatened with serious injury, it may recommend that the President grant relief to the industry in the form of adjustment assistance or temporary import restrictions in the form of tariffs, quotas, or tariff quotas. The President must then take action pursuant to the Commission's recommendations within 60 days, but he may accept, modify or reject them, according to his assessment of the national interest. The Congress can, through majority vote in both the Senate and the House of Representatives within 90 legislative days, override a Presidential decision not to implement the Commission's recommendations. The law permits the President to impose import restrictions for an initial period of five years and to extend them for a maximum additional period of three years. See adjustment assistance.

The currency of:

Cape Verde, 1C.V.Esc=100 centavos;

Portugal, 1Esc=100 centavos.

estimated time of arrival (ETA)

(shipping) The expected date and time of arrival of a shipment, passenger or vessel at a port, airport or terminal.

estimated time of departure (ETD)

(shipping) The estimated date and time of departure of a shipment, passenger or vessel from a port, airport or terminal.

(shipping) Goods transport certificate and proof of preference for export in countries and regions associated with the European Community (EC) and European Economic Area (EEA) through free trade agreements, association or preferential agreements, as long as the goods concerned are included in the tariffs preferences.

(finance) A bond issued in a currency other than that of the market or markets in which it is sold. The issue is handled by an international syndicate.

Eurobond market

(finance) Euromarket for international long-term bonds (Eurobonds).

(banking) A European credit card developed by the West German banking system that is accepted in most western European countries.

(banking) A credit card (in the form of a check) for purchasing goods in several western European countries.

Eurocredit market

(finance) Euromarket for medium-term credits.

Eurocurrency

(banking) A currency deposit held outside the country which issued the currency.

Eurodollars

(banking) U.S. dollar-denominated deposits in banks and other financial institutions outside of the United States. Originating from, but not limited to, the large quantity of U.S. dollar deposits held in western Europe.

(finance) An international capital market on which deposits and claims are traded in currencies outside the sovereign territory of the states in question. Euromoney markets exist in the major financial hubs of western Europe but are focused on London and Luxembourg. Exists alongside the national money markets.

European Bank for Reconstruction and Development (EBRD)

(banking) The EBRD provides assistance through direct loans. The loans are designed to facilitate the development of market-oriented economies and to promote private and entrepreneurial initiatives. EBRD began financing operations in June 1991. Address: European Bank for Reconstruction and Development, One Exchange Square, London EC2A 2JN, UK; Tel: [44] (171) 338-6000; Telex: 8812161; Fax: [44] (171) 338-6100.

European Coal and Steel Community

See European Community.

European Commission

One of the five major institutions of the European Community (EC), the Commission is responsible for ensuring the implementation of the Treaty of Rome and EC rules and obligations; submission of proposals to the Council of Ministers; execution of the Council's decisions; reconciliation of disagreements among Council members; administration of EC policies, such as the Common Agricultural Policy and coal and steel policies; taking necessary legal action against firms or member governments; and representing the EC in trade negotiations with non-member countries. Address: European Commission, 200 rue de la Loi, 1049 Brussels, Belgium; Tel: [32] (2) 299-11-11; Telex: 21877; Fax: [32] (2) 295-01-38. See European Community; Treaty of Rome; common agricultural policy.

European Committee for Electrotechnical Standardization (CENELEC)

CENELEC is a non-profit international organization under Belgian law. CENELEC seeks to harmonize electrotechnical standards published by the national member organizations and to remove technical barriers to trade that may be caused by differences in standards. CENELEC members include: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Address: CENELEC (Comite European Normalization Electrotechnical), rue de Stassart 36, B-1050 Brussels, Belgium; Tel: (2) 519-68-71; Fax: (2) 519-6819.

The National Institute of Standards and Technology of the United States Department of Commerce operates an EC Hotline which provides information on directives and draft CEN and CENELEC standards. Tel: (301) 921-4164.

European Committee for Standardization (CEN)

The CEN (Comité European de Normalisation), is an association of the national standards organizations of 18 countries of the European Community (EC) and of the European Free Trade Association (EFTA). CEN membership is open to the national standards organization of any European country which is, or is capable of becoming, a member of the EC or EFTA. CEN develops voluntary standards in building, machine tools, information technology, and in all sectors excluding the electrical ones covered by the European Committee for Electrotechnical Standardization. CEN is involved in accreditation of laboratories and certification bodies as well as quality assurance. Address: CEN (Comite European de Normalisation), rue de Stassart 36, B-1050 Brussels, Belgium; Tel: [32] (2) 519-68-11; Fax: [32] (2) 519-6819.

The National Institute of Standards and Technology of the United States Department of Commerce operates an EC Hotline which provides information on directives and draft CEN and CENELEC standards. Tel: (301) 921-4164.

European Community (EC)

A popular term for the European Communities that resulted from the 1967 "Treaty of Fusion" that merged the secretariat (the "Commission") and the intergovernmental executive body (the "Council") of the older European Economic Community (EEC) with those of the European Coal and Steel Community (ECSC) and the European Atomic Energy Community ("EURATOM"), which was established to develop nuclear fuel and power for civilian purposes.

The EC is a regional organization created in 1958 at the Treaty of Rome which provided for the gradual elimination of intraregional customs duties and other internal trade barriers, the establishment of a common external tariff against other countries, the gradual adoption of other integrating measures, including a Common Agricultural Policy and guarantees of free movement of labor and capital.

The original 6 members were Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands. Denmark, Ireland, and the United Kingdom became members in 1973, Greece acceded in 1981, and Spain and Portugal in 1986.

The term European Community is used to refer to three separate regional organizations consisting of the European Coal and Steel Community (ECSC), the European Atomic Energy Community (EURATOM), and the European Economic Community. These have been served since 1967 by common institutions--the EC Commission, the EC Council, the European Parliament, and the Court of Justice of the European Communities. The present 12 member states of the EC are also members of the ECSC and EURATOM.

The three European Communities operate under separate treaties: the European Coal and Steel Community (ECSC), the European Atomic Energy Community (EURATOM), and the European Economic Community (EEC).

The Council meets several times a year at the Foreign Minister level, and occasionally at the Heads of State level. Technical experts from Community capitals meet regularly to deal with specialized issues in such areas as agriculture, transportation or trade policy.

Due to the existence of three separate entities, the expression "European Communities"--abbreviated "EC"--is used to refer to the three Communities in legal documents and official designations, i.e., the Commission of the European Communities. However, since the three Communities function as a single political institution, use of the expression "European Community"--also abbreviated "EC"--has become common usage except for legal texts. Address: European Community, 62 rue Belliard; 1040 Brussels, Belgium; Tel: [32] (2) 233-21-11; Fax: [32] (2) 231-10-74.

European Conference of Postal and Telecommunications Administrations (CEPT)

Founded in 1959 to strengthen relations between postal and telecommunications administrations and to improve their technical services. Address: Norwegian Post and Telecommunications Authority, P.O. Box 447 Sentrum, N-0104 Oslo, Norway; Tel: [47] 22-82-48-80; Fax: [47] 22-82-48-90.

European Cooperation for the Long-term in Defense (EUCLID)

EUCLID is a coordinated defense research and development (R&D) initiative which was approved in a June 1989 meeting of the Independent European Program Group (IEPG). EUCLID was designed to overcome deficiencies in European defense R&D spending, minimize individual nation's duplicative efforts, improve planning, and overcome legal and administrative obstacles. EUCLID is divided into 11 technological categories: (1) modern radar technology, (2) microelectronics, (3) composite structures, (4) modular avionics, (5) electric gun, (6) artificial intelligence, (7) signature manipulation, (8) opto-electronic devices, (9) satellite surveillance technologies (including verification), (10) underwater acoustics, and (11) "human factors," including technology for training and simulation. Each of the 11 categories is assigned a lead coordinating nation.

European Currency Unit (ecu or ECU)

(foreign exchange) The ecu is a "basket" of specified amounts of each European Community (EC) currency. Amounts are determined according to the economic size of each EC member, and are revised every five years. The value of the ecu is determined by using the current exchange rate of each member currency. All the member states' currencies participate in the ecu basket. The ecu is the Community's accounting unit and is a popular private financial instrument. See currency basket.

European Economic Area (EEA)

The European Economic Area, EEA, joins the member nations of the European Community (EC) and the European Free Trade Association (EFTA). The EEA would comprise 19 nations, nearly 380 million people, and approximately 40 percent of world trade. The EEA is considered a major step towards eventually encompassing all 19 countries in the European Community. See European Community; European Free Trade Association.

European Economic Community

See European Community.

European Free Trade Association (EFTA)

A regional trade organization established in 1960 by the Stockholm Convention, as an alternative to the Common Market. EFTA was designed to provide a free trade area for industrial products among member countries. Unlike the European Community (EC) however, EFTA members did not set up a common external tariff and did not include agricultural trade.

The EFTA is headquartered in Geneva, and comprises Austria, Iceland, Norway, Sweden, and Switzerland. Finland is an Associate Member. Denmark and the United Kingdom were formerly members, but they withdrew from EFTA when they joined the European Community in 1973. Portugal, also a former member, withdrew from EFTA in 1986 when it joined the EC.

EFTA member countries have gradually eliminated tariffs on manufactured goods originating and traded within EFTA. Agricultural products, for the most part, are not included on the EFTA schedule for internal tariff reductions. Each member country maintains its own external tariff schedule and each has concluded a trade agreement with the European Community that provides for the mutual elimination of tariffs for most manufactured goods except for a few sensitive products. As a result, the European Community and EFTA form a de facto free trade area. See European Economic Area; European Community.

European Investment Bank (EIB)

(banking) The EIB is an independent public institution set up by the Treaty of Rome to contribute to balanced and steady development in the European Community. The EIB provides loans and guarantees to companies and public institutions to finance regional development, structural development, and achieve cross-border objectives. The EIB has emphasized regional development and energy, with Italy, Greece, and Ireland receiving major support. Address: European Investment Bank, 100 blvd. Konrad Adenauer, 2950 Luxembourg; Tel: [352] 43-791; Telex: 3530; Fax: [352] 43-7704.

European Monetary System (EMS)

(banking/foreign exchange) The monetary system of the European Community (EC) member states which aims to create a zone of currency stability as the forerunner of a single currency.

The goal of the EMS is to move Europe toward closer economic integration and avoid the disruptions in trade that can result from fluctuations in currency exchange rates. The EMS member countries deposit gold and dollar reserves with the European Monetary Cooperation Fund in exchange for the issuance of European Currency Units (ECU).

France, West Germany, Belgium, Luxembourg, The Netherlands, Ireland, and Denmark all plan to prevent their currencies from rising or falling in value against each other any more than 2.5 percent. Italy will keep its lira from fluctuating against the other currencies by more than 6 percent.

Established in 1979; all EC members except Greece and the United Kingdom participate in the exchange rate mechanism of the EMS.

See European Currency Unit; European Monetary Union; European Community.

European Monetary Union (EMU)

(banking/foreign exchange) Created on January 1, 1979. Under the EMU, currencies of member nations would rise together, rather than fluctuating separately. Founding members were Germany and France, but the expectation is that all nine Common Market members will join, with invitations going out to non-Common Market countries as well. See European Monetary System.

European option

(banking/foreign exchange) An option containing a provision to the effect that it can only be exercised on the expiry or maturity date. See also American option; option.

European Organization for Testing and Certification (EOTC)

The EOTC was created in October 1990 by the European Community Commission under a memorandum of agreement with the European Committee for Standardization/European Committee for Electrotechnical Standardization (CEN/CENELEC) and the European Free Trade Association countries. The EOTC promotes mutual recognition of tests, test and certification procedures, and quality systems within the European private sector for product areas or characteristics not covered by European Community legislative requirements.

European Patent Convention (EPC)

An agreement between European nations to centralize and standardize patent law and procedure. The EPC, which took effect in 1977, established a single "European patent" through application to the European Patent Office in Munich. Once granted, the patent matures into a bundle of individual patents--one in each member country. Address: European Patent Office, Erhardtstrasse 27, 80331 Munich, Germany; Tel: [49] (89) 2399-0; Fax: [49] (89) 2399-4465.

European Patent Office

See European Patent Convention.

European Research Coordination Agency (EUREKA)

Coordinates advanced technology projects (non-defense related) being carried out by European industry. Created in 1985, EUREKA includes the European Community countries, plus Norway, Sweden, Finland, Switzerland, Austria, Iceland, and Turkey.

European (style) option

See European option.

European Telecommunications Standards Institute (ETSI)

ETSI was established in March 1988 in response to the inability of the Council of European Post and Telecommunications Administration (CEPT) to keep up with the schedule of work on common European standards and specifications agreed to in the 1984 Memorandum of Understanding between CEPT and the European Community (EC). ETSI has a contractual relationship with the EC to pursue standards development for telecommunications equipment and services, and it cooperates with other European standards bodies such as the European Committee for Standardization/European Committee for Electrotechnical Standardization (CEN/CENELEC). ETSI membership includes the telecommunications administrations that constitute the CEPT as well as manufacturers, service providers, and users. Address: European Telecommunications Standards Institute (ETSI), F-06921 Sophia Antipolis Cedex, France; Tel: [33] (9) 294-4200; Fax: [33] (9) 365-4716.

evidence of right to make entry

(U.S. Customs) Goods may be entered into the Customs territory of the United States only by the owner, purchaser, or a licensed customs broker acting on behalf of the owner or purchaser. Customs requires evidence of right to make entry as part of the entry documentation.

When the goods are consigned "to order," the bill of lading properly endorsed by the consignor may serve as evidence of the right to make entry. An air waybill may be used for merchandise arriving by air.

In most instances, entry is made by a person or firm certified by the carrier bringing the goods to the port of entry and is considered the "owner" of the goods for customs purposes. For example, a customs broker with a valid power of attorney signed by the owner of a shipment may present documents to customs as evidence of right to make entry. The document issued by the carrier is known as a "carrier's certificate." In certain circumstances, entry may be made by means of a duplicate bill of lading or a shipping receipt. See entry.

ex ... (named point of origin)

(trade term) A term of sale where the price quoted applies only at the point of origin and the seller agrees to place the goods at the disposal of the buyer at the specified place on the date or within the period fixed. All other charges are for the account of the buyer. For a more complete definition, see ex works. See also Incoterms 1990.

exception rates

(shipping) Rates set at a certain percentage above the general commodity rates because they apply to commodities that require special handling, such as live animals, human remains, or automotive vehicles.

excess valuation

See declared value.

exchange control(s)

(foreign exchange) The rationing of foreign currencies, bank drafts, and other monetary instruments for settling international financial obligations by countries seeking to ameliorate acute balance of payments difficulties. When such measures are imposed, importers must apply for prior authorization from the government to obtain the foreign currency required to bring in designated amounts and types of goods. Since such measures have the effect of restricting imports, they are considered non-tariff barriers to trade. See balance of trade.

exchange rate

(foreign exchange) The price of one currency expressed in terms of another, i.e., the number of units of one currency that may be exchanged for one unit of another currency. For example, $/SFr = 1.50, means that one US dollar costs 1.50 Swiss francs.

(a) In a system of free exchange rates, the actual exchange rate is determined by supply and demand on the foreign exchange market.

(b) In a system of fixed exchange rates, the exchange rate is tied to a reference (e.g., gold, US$, etc.).

Influences on exchange rates include differences between interest rates and other asset yields between countries; investor expectations about future changes in a currency's value; investors' views on the overall quantity of assets in circulation; arbitrage; and central bank exchange rate support. See also floating.

A selective tax--sometimes called a consumption tax--on certain goods produced within or imported into a country. An example is a tax on the import of crude oil, or a tax on certain luxury goods.

exclusive agency

exclusive economic zone (EEZ)

(international law) EEZ refers to the rights of coastal states to control the living and nonliving resources of the sea for 200 miles off their coasts while allowing freedom of navigation to other states beyond 12 miles, as agreed at the sixth session of the Third U.N. Conference on the Law of the Sea (UNCLOS). The EEZ also gives the coastal states the responsibility for managing the conservation of all natural resources within the 200-mile limit.

exculpatory clause

(law) A contract clause by which a party is released from liability for wrongful acts committed by the other party. A seller may agree to release a buyer, for example, from liability for all or specified defects in the design, packaging, or manufacture of a product.

(trade term) A term of sale where the buyer takes title to the goods only when they are unloaded on his/her dock. See ex works; Incoterms 1990.

(law) (a) A signature on a document. (b) A legal process for enforcing a judgment for damages, usually by seizure and sale of the debtor's personal property. If a court awards damages in a breach of contract action, for example, but the breaching party has failed to remit such sum, the party awarded damages may request the court to order seizure and sale of the breaching party's inventory or property to the extent necessary to satisfy the award.

exercise price

See strike price.

(trade term) A term of sale where the buyer takes title to the goods when they leave the vendor's dock. See ex works; Incoterms 1990.

See Export-Import Bank of the United States.

(law) By one party or side only. An application ex parte, for example, is a request that is made by only one of the parties involved in a legal action. A hearing ex parte is a court proceeding at which the persons present represent only one side of the controversy. See letter of credit.

expiration date

(banking) In letter of credit transaction, the final date the seller (beneficiary of the credit) may present documents and draw a draft under the terms of the letter of credit. Also called expiry date. See letter of credit.

(banking/foreign exchange) In foreign exchange options business, the last day on which an option can be exercised.

(shipping) (UN CLASS 1.) EXPLOSIVE A: Items are capable of exploding with a small spark, shock, or flame and spreading the explosion hazard to other packages. EXPLOSIVE B: Items are very rapidly combustible. EXPLOSIVE C: Items are a low hazard but may explode under high heat when many are tightly packed together. Examples are: A--dynamite; B--propellants or flares; C--common fireworks. Hazards/precautions: no flares, smoking, flames, or sparks in the hazard area; may explode if dropped, heated or sparked.

To ship an item away from a country for sale to another country.

Export Administration Act (EAA)

(U.S. law) Authorizes the President to control exports of U.S. goods and technology to all foreign destinations, as necessary for the purpose of national security, foreign policy, and short supply.

As the basic export administration statute, the EAA is the first big revision of export control law since enactment of the Export Control Act of 1949. The EAA is not permanent legislation; it must be reauthorized--usually every three years. There have been reauthorizations of the EAA in 1982, 1985 (the Export Administration Amendments Act), and 1988 (Omnibus Amendments of 1988) which have changed provisions of the basic Act. The Export Administration Act of 1990 was pocket vetoed by the President, charging that provisions involved micro management.

Export Administration Amendments Act

See Export Administration Act.

Export Administration Regulations (EAR)

(U.S. law) Provides specific instructions on the use and types of export licenses required and the types of commodities and technical data under export control.

Export Administration Review Board (EARB)

(U.S. government) A U.S. cabinet-level export licensing dispute resolution group. The EARB was originally established in June 1970 under Executive Order 11533. Under Executive Order 12755 of March 1991, EARB membership includes the Departments of Commerce (as chair), State, Defense, and Energy, the Arms Control and Disarmament Agency and, as non-voting members, the Joint Chiefs of Staff and the Central Intelligence Agency. The EARB is the final review body to resolve differences among agency views on the granting of an export license. Preceding EARB review are: (1) Operating Committees, and (2) the Advisory Committee on Export Policy. National Security Directive #53 requires escalation of disputes regarding an export license to the Advisory Committee on Export Policy (ACEP) not later than 100 days from the filing date of the applicant's application. Any cases not resolved at the ACEP level must be escalated to the EARB within 35 days of the date of the ACEP meeting. Cases not resolved by the EARB must be escalated to the President for resolution. Address: Export Administration Review Board, 14th and Constitution Avenue NW, Herbert Hoover Building, Room 2639, Washington, DC 20230; Tel: (202) 482-5863. See National Security Directive #53.

export broker

An individual or firm that brings together buyers and sellers for a fee but does not take part in actual sales transactions.

export commodity classification number

See export control classification number.

Export Contact List Service (ECLS)

(U.S.) A U.S. International Trade Administration (ITA) service that provides mailing lists of prospective overseas customers from ITA's file of foreign firms (the Foreign Traders Index). The ECLS identifies manufacturers, distributors, retailers, service firms, and government agencies. A summary of the information on the company includes contact information, product and service interests, and other data. See Foreign Traders Index.

export control

(U.S. Customs) To exercise control over exports for statistical and strategic purposes, Customs enforces export control laws for the U.S. Department of Commerce and other Federal agencies. See United States Customs Service.

Export Control Automated Support System (ECASS)

(U.S.) ECASS was implemented by the U.S. Department of Commerce in 1985 to automate a paper-based system. The system currently provides:

(1) electronic submission of export application forms directly by exporters;

(2) optical character recognition of applications submitted on paper;

(3) paperless workstations for all licensing officers to review the application, route it to other officers, branches, or external agencies, and to enter their final action along with riders and conditions;

(4) automated audit of all export licenses issued; and

(5) real time management reporting on Licensing Officer workloads, average processing times, counts and times by license type, destination country, commodity code, and other data. The U.S. Department of Commerce's Bureau of Export Administration is expanding ECASS to include export enforcement activities.

See United States Department of Commerce; Bureau of Export Administration.

export control classification number (ECCN)

(U.S.) Every product has an export control classification number (formerly export commodity classification number) within the Commerce Control List. The ECCN consists of a five character number that identifies categories, product groups, strategic level of control, and country groups. See Commerce Control List.

export credit agencies (ECAs)

Government agencies or programs providing government loans, guarantees or insurance to finance exports. In the U.S., the Export/Import Bank is the government's general purpose credit agency, while the Commodity Credit Corporation is the export credit agency for agricultural exports. See Export-Import Bank; Commodity Credit Corporation.

Export Credit Enhanced Leverage Program (EXCEL)

The EXCEL program was developed in 1990 by the World Bank in conjunction with a working group of the International Union of Credit and Investment Insurers (the Berne Union). The objective of EXCEL is to provide export credits at consensus rates for private sector borrowers in highly indebted countries, which would previously have been too great a risk for most agencies to cover.

export credit insurance

(insurance) Special insurance coverage for exporters to protect against commercial and political risks of making an international sale. Export credit insurance is available from insurance underwriters as well as from government agencies. See export credit agencies.

export declaration

(U.S.) A document required by the U.S. Department of Treasury for the export of goods from the United States. Also known as the Shipper's Export Declaration (SED), this form includes complete particulars on an individual export shipment and is required by the U.S. Department of Commerce to control exports and act as a source document for export statistics. See shipper's export declaration.

Export Development Corporation (EDC)

(Canada) Canada's official export credit agency, responsible for providing export credit insurance, loans, guarantees, and other financial services to promote Canadian export trade. Address: Export Development Corporation, PO Box 655, Ottawa, ON K1P 5T9, Canada; Tel: [1] (613) 598-2500; Fax: [1] (613) 237-2690.

Export Development Office (EDO)

(U.S. government) Export Development Offices (EDOs) in seven cities (Tokyo, Sydney, Seoul, Milan, London, Mexico City, and Sao Paulo) provide services to U.S. exporters, including market research to identify specific marketing opportunities and products with the greatest sales potential; and to organize export promotion events. EDOs are staffed by U.S. and Foreign Commercial Service officers. When not in use for trade exhibitions, EDOs with exhibit and conference facilities are made available to individual firms or associations. See U.S. and Foreign Commercial Service.

export draft

(banking) An unconditional order that is drawn by an exporting seller and that directs an importing buyer to pay the amount stated on the order to the seller or the seller's bank.

(a) A sight export draft is one that is payable when presented. (b) A time export draft or usance is one that is payable at a specified future date. See bill of exchange.

export duty

(customs) A tax imposed on exports of some nations. See duty; tariff.

Export Enhancement Program (EEP)

(U.S). A U.S. Department of Agriculture program that assists exporters who are shipping U.S. agricultural products to countries that subsidize agricultural products. For information, contact the U.S. Department of Agriculture, Foreign Agriculture Service, Washington, DC 20250; Tel: (202) 720-7115.

An individual or company that transports goods or merchandise from one country to another in the course of trade.

exporter identification number (EIN)

(U.S.) An identification number required on the Shipper's Export Declaration for all export shipments. U.S. corporations may use their federal Employer Identification Number issued by the IRS. Individuals and companies that are not incorporated may use the Social Security number of the exporter. See shipper's export declaration.

Exporter's Encyclopedia

(publication) A reference book detailing trade regulations, documentation requirements, transportation, key contacts, etc., for 180 world markets. Published by Dun & Bradstreet, One Diamond Hill Road, Murray Hill, NJ 07974-1218, Tel: [1] (908) 665-5000; toll-free customer service: [1] (800) 665-5000; Fax: (908) 665-5803; http://www.dnb.com.

exporters sales price (ESP)

(U.S.) A statutory term used to refer to the United States sales prices of merchandise which is sold or likely to be sold in the United States, before or after the time of importation, by or for the account of the exporter. Certain statutory adjustments are made to permit a meaningful comparison with the foreign market value of such or similar merchandise, e.g., import duties, United States selling and administrative expenses, and freight are deducted from the United States price.

Export Hotline

(U.S.) A 24 hour fax retrieval system for information on international trade. Supported by the U.S. Department of Commerce and underwritten by international companies such as AT&T, the hotline provides a menu listing 78 countries and 50 industries to help business people find new markets for their products and services. Hotline and Directory are free; to list company costs $35. For brochure, call: (617) 248-9393.

Export-Import Bank of Japan (JEXIM)

(Japan) Japan's official provider of export credits. About 10 percent of JEXIM's business is providing export credits. The bank's main role is to disburse about half the funds available under the trade surplus recycling program (the Nakasone facility). Address: Export-Import Bank of Japan, 4-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 100, Japan; Tel: [81] (3) 3287-9101; Telex: 23728; Fax: [81] (3) 3287-9539.

Export-Import Bank of the United States (Eximbank)

(U.S.) A public corporation created by executive order of the President in 1934 and given a statutory basis in 1945. The Bank makes guarantees and insures loans to help finance U.S. exports, particularly for equipment to be used in capital improvement projects. The Bank also provides short-term insurance for both commercial and political risks, either directly or in cooperation with U.S. commercial banks.

Eximbank offers four major export finance support programs: loans, guarantees, working capital guarantees, and insurance. Eximbank undertakes some of the risk associated with financing the production and sale of American-made goods; provides financing to overseas customers for American goods when lenders are not prepared to finance the transactions; and enhances a U.S. exporter's ability to match foreign government subsidies by helping lenders meet lower rates, or by giving financing incentives directly to foreign buyers. The Export-Import Bank will consider aiding in the export financing of U.S. goods and services when there is a reasonable assurance of repayment. Eximbank is not to compete with private financing, but to supplement it when adequate funds are not available in the private sector. Address: Export-Import Bank of the United States, 811 Vermont Avenue NW, Washington, DC 20571; Tel: [1] (202) 565-3946.

Export Legal Assistance Network (ELAN)

(U.S.) A nationwide group of attorneys with experience in international trade who provide free initial consultations to small businesses on export-related matters. This service is available through the U.S. Small Business Administration (SBA). For the address and phone number of your nearest Small Business Administration District Office, call (800) U-ASK-SBA. Address: National Coordinator Judd Kessler, Porter, Wright, Morris, & Arthur, 1667 K Street NW, Washington, D.C. 20006-1605; Tel: [1] (202) 778-3080; Fax: [1] (202) 778-3063; http://www.fita.org/elan/.

export license

A document prepared by a government authority, granting the right to export a specified quantity of a commodity to a specified country. This document may be required in some countries for most or all exports and in other countries only under special circumstances.

(U.S.) A document issued by the U.S. government authorizing the export of commodities for which written export authorization is required by law. For more information on export licensing in general, call Exporter Assistance at: (202) 482-4811. Address: Bureau of Export Administration, U.S. Department of Commerce, 14th St. and Constitution Ave. NW, Washington, DC 20230; Tel: [1] (202) 482-2721; Fax: [1] (202) 482-2387.

Export License and Information Network (ELAIN)

(U.S.) ELAIN is a Bureau of Export Administration 24-hour on-line service which allows exporters to submit license applications. Contact: Bureau of Export Administration, 14th and Constitution Ave. NW, Washington, DC 20230; Tel: [1] (202) 482-2721; http://elain.com.

Export License Voice Information System (ELVIS)

(U.S.) A U.S. Bureau of Export Administration 24-hour on-line service which allows exporters to obtain recorded information on such topics as commodity classifications, emergency handling procedures, and seminars as well as to order information. Tel: (202) 482-4811.

export management company

A private firm that serves as the export department for several manufacturers, soliciting and transacting export business on behalf of its clients in return for a commission, salary, or retainer plus commission.

export merchant

A company that buys products directly from manufacturers, then packages and marks the merchandise for resale under its own name.

export processing zone (EPZ)

Industrial parks designated by a government to provide tax and other incentives to export firms.

export quotas

Specific restrictions or ceilings imposed by an exporting country on the value or volume of certain exports, designed to protect domestic producers and consumers from temporary shortages of the materials or goods affected, or to bolster their prices in world markets. Some International Commodity Agreements explicitly indicate when producers should apply such restraints. Export quotas are also often applied in orderly marketing agreements and voluntary restraint agreements, and to promote domestic processing of raw materials in countries that produce them. See international commodity agreement; orderly marketing agreements; voluntary restraint agreements.

export restraint agreements

See voluntary restraint agreements.

export restraints

Quantitative restrictions imposed by exporting countries to limit exports to specified foreign markets, usually pursuant to a formal or informal agreement concluded at the request of the importing countries. See voluntary restraint agreements.

export revolving line of credit (ERLC)

(U.S.) Financial assistance provided by the U.S. Small Business Administration (SBA) to exporters of U.S. products. The ERLC guarantees loans to U.S. firms to help bridge the working capital gap between the time inventory and production costs are disbursed until payment is received from a foreign buyer. SBA guarantees 85 percent of the ERLC subject to a $750,000 guarantee limit. The ERLC is granted on the likelihood of a company satisfactorily completing its export transaction. The guarantee covers default by the exporter, but does not cover default by a foreign buyer; failure on the buyer's side is expected to be covered by letters of credit or export credit insurance.

Under the SBA's ERLC program, any number of withdrawals and repayments can be made as long as the dollar limit on the line of credit is not exceeded and disbursements are made within the stated maturity period (not more than 18 months). Proceeds can be used only to finance labor and materials needed for manufacturing, to purchase inventory to meet an export order, and to penetrate or develop foreign markets. Examples of eligible expenses for developing foreign markets include professional export marketing advice or services, foreign business travel, and trade show participation. Under the ERLC program, funds may not be used to purchase fixed assets. Contact: Small Business Administration, 409 Third Street SW, Washington, DC 20416; Tel: [1] (202) 606-4000; http://www.sba.com. See also letter of credit.

export service

(shipping) Shipping lines, airlines and freight forwarders perform at the request of shippers, many services relating to the transfer, storage, and documentation of freight destined for export. The same is true of imports. Some carriers have a tariff on such traffic which sets forth a rate covering the air transportation, from airport of origin to seaport and all relevant transfer and documentation procedures. On freight arriving in the United States, via an ocean vessel and having a subsequent movement by air, some airlines have similar tariff program known as "Import Service."

export statistics

(U.S.) Export statistics measure the total physical quantity or value of merchandise (except for shipments to U.S. military forces overseas) moving out of the United States to foreign countries, whether such merchandise is exported from within the U.S. Customs territory or from a U.S. Customs bonded warehouse or a U.S. Foreign Trade Zone.

export subsidies

Government payments, economic inducements or other financially quantifiable benefits provided to domestic producers or exporters contingent on the export of their goods or services.

(GATT) The General Agreement on Tariffs and Trade (GATT) Article XVI recognizes that subsidies in general, and especially export subsidies, distort normal commercial activities and hinder the achievement of GATT objectives. An Agreement on Subsidies and Countervailing Duties negotiated during the Tokyo Round strengthened the GATT rules on export subsidies and provided for an outright prohibition of export subsidies by developed countries for manufactured and semi-manufactured products. Under certain conditions, the Agreement allows developing countries to use export subsidies on manufactured and semi-manufactured products, and on primary products as well, provided that the subsidies do not result in more than an equitable share of world exports of the product for the country. See also subsidy.

Export Trade Certificate of Review

(U.S.) A certification of partial immunity from U.S. antitrust laws that can be granted based on the Export Trading Company Act legislation by the U.S. Department of Commerce with Department of Justice concurrence. Any prospective or present U.S.-based exporter with antitrust concerns may apply for certification by the International Trade Administration, Mr. Morton Schnabel, Director, Office of Export Trading Company Affairs, Room 1104 Washington D.C. 20230; Tel: [1] (202) 482-5131. See also Export Trading Company Act.

export trading company

A corporation or other business unit organized and operated principally for the purpose of exporting goods and services, or of providing export related services to other companies. An ETC can be owned by foreigners and can import, barter, and arrange sales between third countries, as well as export.

(U.S.) The Export Trading Company Act of 1982 exempts authorized trading companies from certain provisions of U.S. anti-trust laws. See Export Trading Company Act.

Export Trading Company Act

(U.S. law) The Export Trading Company Act of 1982: initiates the Export Trade Certificate of Review program that provides antitrust preclearance for export activities; permits bankers' banks and bank holding companies to invest in Export Trading Companies; and establishes a Contact Facilitation Service within the U.S. Department of Commerce designed to facilitate contact between firms that produce exportable goods and services and firms that provide export trade services.

express agency

See delivered ex quay; Incoterms 1990.

See delivered ex ship; Incoterms 1990.

external value

(economics/foreign exchange) The purchasing power of a currency abroad, converted using the exchange rate.

extradition

The surrender by one country of an alleged criminal to the authorities of the country that has jurisdiction to try the charge. Extradition usually occurs under the provisions of a treaty between the two countries.

ex warehouse

See ex works; Incoterms 1990.

ex works ... (named place)

(Incoterm) "Ex works" (EXW) means that the seller fulfills his obligation to deliver when he has made the goods available at his premises (i.e. works, factory, warehouse, etc.) to the buyer. In particular, he is not responsible for loading the goods on the vehicle provided by the buyer or for clearing the goods for export, unless otherwise agreed. The buyer bears all costs and risks involved in taking the goods from the seller's premises to the desired destination. This term thus represents the minimum obligation for the seller. This term should not be used when the buyer cannot carry out directly or indirectly the export formalities. In such circumstances, the FCA (Free Carrier) term should be used.

See Incoterms 1990 for a list of the thirteen Incoterms 1990.

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