A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
(statistics/banking/foreign exchange) The rate of change of an option's delta with respect to a marginal change in the price of the underlying instrument. gang (shipping) A group of usually four to six stevedores with a supervisor who are assigned to the loading or unloading of a portion of a vessel. gangway (shipping) (a) The opening through which a ship is boarded, (b) Either of the sides of the upper deck of a ship. gantry crane (shipping) A specialized machine for the raising or lowering of cargo mounted on a structure spanning an open space on a ship. The hoisting device travels back and forth along the spanning structure from port to starboard, while the spanning structure itself is often mounted on a set of rails which enables it to move from fore to aft. gateway (general) A major airport or seaport. (customs) The port where customs clearance takes place. (shipping) A point at which freight moving from one territory to another is interchanged between transportation lines. GATT See General Agreement on Tariffs and Trade. GATT Panel A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gang
(shipping) A group of usually four to six stevedores with a supervisor who are assigned to the loading or unloading of a portion of a vessel. gangway (shipping) (a) The opening through which a ship is boarded, (b) Either of the sides of the upper deck of a ship. gantry crane (shipping) A specialized machine for the raising or lowering of cargo mounted on a structure spanning an open space on a ship. The hoisting device travels back and forth along the spanning structure from port to starboard, while the spanning structure itself is often mounted on a set of rails which enables it to move from fore to aft. gateway (general) A major airport or seaport. (customs) The port where customs clearance takes place. (shipping) A point at which freight moving from one territory to another is interchanged between transportation lines. GATT See General Agreement on Tariffs and Trade. GATT Panel A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gangway
(shipping) (a) The opening through which a ship is boarded, (b) Either of the sides of the upper deck of a ship. gantry crane (shipping) A specialized machine for the raising or lowering of cargo mounted on a structure spanning an open space on a ship. The hoisting device travels back and forth along the spanning structure from port to starboard, while the spanning structure itself is often mounted on a set of rails which enables it to move from fore to aft. gateway (general) A major airport or seaport. (customs) The port where customs clearance takes place. (shipping) A point at which freight moving from one territory to another is interchanged between transportation lines. GATT See General Agreement on Tariffs and Trade. GATT Panel A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gantry crane
(shipping) A specialized machine for the raising or lowering of cargo mounted on a structure spanning an open space on a ship. The hoisting device travels back and forth along the spanning structure from port to starboard, while the spanning structure itself is often mounted on a set of rails which enables it to move from fore to aft. gateway (general) A major airport or seaport. (customs) The port where customs clearance takes place. (shipping) A point at which freight moving from one territory to another is interchanged between transportation lines. GATT See General Agreement on Tariffs and Trade. GATT Panel A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gateway
(general) A major airport or seaport. (customs) The port where customs clearance takes place. (shipping) A point at which freight moving from one territory to another is interchanged between transportation lines. GATT See General Agreement on Tariffs and Trade. GATT Panel A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(customs) The port where customs clearance takes place. (shipping) A point at which freight moving from one territory to another is interchanged between transportation lines. GATT See General Agreement on Tariffs and Trade. GATT Panel A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(shipping) A point at which freight moving from one territory to another is interchanged between transportation lines. GATT See General Agreement on Tariffs and Trade. GATT Panel A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
GATT
See General Agreement on Tariffs and Trade. GATT Panel A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
GATT Panel
A panel of neutral representatives that may be established by the General Agreement on Tariffs and Trade (GATT) Secretariat under the dispute settlement provisions of the GATT to review the facts of a dispute and render findings of GATT law and recommend action. See General Agreement on Tariffs and Trade. geisha bond (finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
geisha bond
(finance/banking) Bond issued on the Japanese market in currencies other than yen. Yen-denominated bonds are known as Samurai bonds. general agency See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general agency
See agency. General Agreement on Tariffs and Trade (GATT) Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
General Agreement on Tariffs and Trade (GATT)
Both a multilateral trade agreement aimed at expanding international trade and the organization which oversees the agreement. The main goals of GATT are to liberalize world trade and place it on a secure basis thereby contributing to economic growth and development and the welfare of the world's people. GATT is the only multilateral instrument that lays down agreed rules for international trade, and the organization is the principal international body concerned with negotiating the reduction of trade barriers and with international trade relations. One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
One hundred and seventeen countries accounting for approximately 90 percent of world trade are Contracting Parties to GATT, while some other countries apply GATT rules on a de facto basis. Approximately 2/3 of GATT's membership consists of developing countries. The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
The GATT was signed in 1948 by 23 nations as a response to the trade conflicts which contributed to the outbreak of World War II. Originally looked upon as an interim agreement, it has become recognized as the key institution concerned with international trade negotiations. An important element which contributed to GATT's importance early on came with the United States' refusal to ratify the Havana Charter of 1948, which would have created an International Trade Organization (ITO) as a Specialized Agency of the United Nations system, similar to the International Monetary Fund and the World Bank. The Interim Commission of the ITO (ICITO), which was established to facilitate the creation of the ITO, subsequently became the GATT Secretariat. One result of the recent Uruguay Round was the decision to replace the GATT Secretariat with a Multilateral Trading Organization (MTO), which will have more authority to enforce free trade rules, as through the assessment of trade penalties. In December, 1993, agreements were reached at the conclusion of the Uruguay Round to revise the framework of GATT. Member nations will sign the agreement in April, 1994, and it will go into effect July 1, 1995. The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
The purpose of the GATT organization, headquartered in Geneva, is to provide a forum for discussion of world trade issues that allows for the disciplined resolution of trade disputes, based on the founding principles of GATT which include nondiscrimination, national treatment, transparency, and most-favored-nations (MFN) treatment. International negotiations known as "Rounds" are conducted to lower tariffs and other barriers to trade, and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
A few of the fundamental principles and aims of GATT: (1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(1) Trade without discrimination--The first principle embodied in the famous "most-favored nation" clause is that trade must be conducted on the basis of non-discrimination. No country is to give special trading advantages to another or to discriminate against it; all are on an equal basis and all share the benefits of any moves towards lower trade barriers. (2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(2) Protection through tariffs--Ensures that if protection to a domestic industry is given, it should be extended through the customs tariff, and not through other commercial measures. (3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(3) A stable basis for trade--Provided partly by the binding of the tariff levels negotiated among contracting parties. These bound items are listed, for each country, in tariff schedules which form an integral part of the General Agreement. (4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(4) Promoting fair competition--Concerns over dumping and subsidies are addressed by the "Anti-dumping Code" which provides rules under which governments may respond to dumping in their domestic market by overseas competitors, and rules for the application of "countervailing" duties which can be imposed to negate the effects of export subsidies. (5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(5) Quantitative restrictions on imports--A basic provision of GATT is a general prohibition of quantitative restrictions (import quotas). The main exception to the general rule against these restrictions allows their use in balance-of-payments difficulties under Article XII. (6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(6) The "waiver" and the possible emergency action--Waiver procedures allow a country to seek release from particular GATT obligations, when its economic or trade circumstances so warrant. The "safeguards" rule of GATT (Article XIX) permits members, under carefully defined circumstances, to impose import restrictions or suspend tariff concessions on products which are being imported in such increased quantities and under such conditions that they cause serious injury to competing domestic producers. (7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(7) Regional trading arrangements--Regional trade groupings, as an exception to the general most-favored-nations treatment, are permitted in the form of a customs union or free trade area. Article XXIV recognizes the value of such agreements, which foster free trade by abolishing or reducing barriers against imports from countries in a particular region. (8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(8) Settling trade disputes--Consultation, conciliation, and dispute settlement are fundamental aspects of GATT's work. Countries can petition GATT for a fair settlement of cases in which they feel their rights under the General Agreement are being withheld or compromised by other members. Bilateral consultations are emphasized, but if necessary, unresolved cases go before a GATT panel of experts. Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Part Four of the General Agreement (Articles XXXVI, XXXVII and XXXVIII), adopted in 1965, contains explicit commitments to ensure appropriate recognition of the development needs of developing country Contracting parties. For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
For more information about GATT, contact the GATT Information and Media Relations Division. Among their regular publications are the annual review GATT Activities, the annual report International Trade, and the monthly newsletter GATT Focus. A free List of Publications is also available; all are available in English, French, and Spanish. Address: General Agreement on Tariffs and Trade, Centre William Rappard, 154 Rue de Lausanne, CH-1211 Geneva 21, Switzerland; Tel: [41] (22) 739-50-07; Fax: [41] (22) 739-54-58. (U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(U.S.) For the United States, the GATT came into existence as an executive agreement, which, under the U.S. Constitution does not require Senate ratification. See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
See also rounds; Tokyo Round; Uruguay Round; multilateral trade negotiations; rollback; standstill; safeguards; special and different treatment. general average (shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general average
(shipping) A loss that affects all cargo interests on board a vessel as well as the ship herself. These include the owner of the hull and the owners of all the cargoes aboard for their respective values plus the owner or charterer who stands to earn a specific income from freight charges for the voyage. A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
A general average loss may occur whether goods are insured or not. It is one that results from an intentional sacrifice (or expenditure) incurred by the master of a vessel in time of danger for the benefit of both ship and cargo. The classic example of this is jettison to lighten a stranded vessel. From the most ancient times, the maritime laws of all trading nations have held that such a sacrifice shall be borne by all for whose benefit the sacrifice was made, and not alone by the owner of the cargo thrown overboard. The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
The principles of general average have been refined over the years, and they have inevitably come to reflect the increasing complexity of present day commerce. A vessel owner may and does declare his vessel under general average whenever, for the common good in time of danger an intentional sacrifice of ship or cargo has been made, or an extraordinary expenditure has been incurred. In actual practice, general averages result mainly from strandings, fires, collisions and from engaging salvage assistance or putting into a port of refuge following a machinery breakdown or other peril. As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
As the name implies, general average claims affect all the interests which stand to suffer a financial loss if a particular voyage is not successfully completed. (insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(insurance) Insurance coverage for a general average loss. See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
See also average; particular average; with average; free of particular average; deductible average. general cargo rate (shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general cargo rate
(shipping) The rate a carrier charges for the shipment of cargo which does not have a special class rate or commodity rate. general cargo vessels (shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general cargo vessels
(shipping) A vessel designed to handle break-bulk cargo such as bags, cartons, cases, crates and drums, either individually or in unitized or palletized loads. See breakbulk vessel. general commodity rate (shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general commodity rate
(shipping) A freight rate applicable to all commodities except those for which specific rates have been filed. Such rates are based on weight and distance and are published for each pair of ports or cities a carrier serves. general exception The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general exception
The Coordinating Committee for Multilateral Export Controls (CoCom) controls exports at three levels, depending on the item and the proposed destination. At the highest or "general exception" level, unanimous approval by CoCom members is necessary. See Coordinating Committee on Multilateral Export Controls. general imports (U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general imports
(U.S. Customs) The total physical arrivals of merchandise from foreign countries, whether such merchandise enters consumption channels immediately or is entered into bonded warehouses or Foreign Trade Zones under U.S. Customs custody. Generalized System of Preferences (GSP) A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Generalized System of Preferences (GSP)
A program providing for free rates of duty for merchandise from beneficiary developing independent countries and territories to encourage their economic growth. GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
GSP is one element of a coordinated effort by the industrial trading nations to bring developing countries more fully into the international trading system. The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
The GSP reflects international agreement, negotiated at the United Nations Conference on Trade and Development II (UNCTAD-II) in New Delhi in 1968, that a temporary and non-reciprocal grant of preferences by developed countries to developing countries would be equitable and, in the long term, mutually beneficial. (U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(U.S.) The U.S. GSP scheme is a system of nonreciprocal tariff preferences for the benefit of these countries. The U.S. conducts annual GSP reviews to consider petitions requesting modification of product coverage and/or country eligibility. United States GSP law requires that a beneficiary country's laws and practices relating to market access, intellectual property rights protection, investment, export practices, and workers rights be considered in all GSP decisions. The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
The GSP eligibility list includes a wide range of products classifiable under approximately 3,000 different subheadings in the Harmonized Tariff Schedule of the United States (HTS or HTSUS). These items are identified either by an "A" or "A*" in the "Special" column 1 of the tariff schedule. Note that the eligible countries and eligible items change from time-to-time over the life of the program. Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Eligible merchandise will be entitled to duty-free treatment provided the following conditions are met: (1) The merchandise must be destined for the United States without contingency for diversion at the time of exportation from the beneficiary developing country. (2) The UNCTAD (United Nations Conference on Trade and Development) Certificate of Origin Form A must be properly prepared, signed by the exporter and either be filed with the customs entry or furnished before liquidation or other final action on the entry if requested to do so by Customs. (3) The merchandise must be imported directly into the United States from the beneficiary country. (4) The cost or value of materials produced in the beneficiary developing country and/or the direct cost of processing performed there must represent at least 35 percent of the appraised value of the goods. See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
See Certificate of Origin Form A; Harmonized Tariff Schedule of the United States. general liability (law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general liability
(law) Unlimited responsibility for an obligation, such as payment of the debts of a business. See joint and several liability; limited liability. general license (GL) (U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general license (GL)
(U.S.) (Obsolete as of January 1997; information provided for historical reference only.) Licenses, authorized in the past by the U.S. Bureau of Export Administration, that permitted the export of non-strategic goods to specified countries without the need for a validated license. No prior written authorization was required and no individual license was issued for these categories There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
There were over twenty different types of general licenses, each represented by a symbol. These licenses included: (a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(a) General license BAGGAGE; (b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(b) General license CREW; (c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(c) General license GATS; (d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(d) General license GCG; (e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(e) General license G-COCOM; (f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(f) General license GCT; (g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(g) General license G-DEST; (h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(h) General license GFW; (i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(i) General license GIFT; (j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(j) General license GIT; (k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(k) General license GLR; (l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(l) General license GLV; (m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(m) General license G-NNR (n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(n) General license GTDA; (o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(o) General license GTDR; (p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(p) General license G-TEMP; (q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(q) General license GTF-U.S.; (r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(r) General license GUS; (s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(s) General license PLANE STORES; (t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(t) General license RCS; (u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(u) General license SAFEGUARDS; and (v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(v) General license SHIP STORES. Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Contact: Bureau of Export Administration, Office of Public Affairs, Room 3895, Fourteenth Street and Constitution Avenue NW, Washington, DC 20230; Tel: (202) 482-2721. general order (GO) (U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general order (GO)
(U.S. Customs/shipping) Merchandise not entered within 5 working days after arrival of the carrier and then stored at the risk and expense of the importer. See general order warehouse. general order warehouse (U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general order warehouse
(U.S. Customs) A customs bonded warehouse to which customs sends goods (at the owner's expense and risk) which have not been claimed within five days of arrival. general partnership (law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general partnership
(law) A partnership in which all of the partners have joint and several liability for the partnership obligations. See joint and several liability. general tariff A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
general tariff
A tariff that applies to countries that do not enjoy either preferential or most-favored-nation tariff treatment. Where the general tariff rate differs from the most-favored-nation rate, the general tariff rate is usually the higher rate. "German" silver "German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
"German" silver
"German," or coin silver is an alloy of silver that is 800/1000 pure. An article of German or coin silver is often marked "800". Gesellschaft mit beschrankter Haftung (GmbH) (Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Gesellschaft mit beschrankter Haftung (GmbH)
(Austria, Germany, Switzerland) Designation for a private limited liability corporation with limited liability to shareholders. giro See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
giro
See deposit money. global bond (banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
global bond
(banking/finance) A bond that can be traded immediately in any United States capital market and in the Euromarket. global quota (customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
global quota
(customs) A quota on the total imports of a product from all countries. gnomes of Zurich (banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gnomes of Zurich
(banking) Those financial and banking people of Zurich, Switzerland, involved in foreign exchange speculation. The term was coined by Great Britain's Labor ministers during the 1964 sterling crisis. godown (Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
godown
(Chinese) A warehouse where goods are stored. gold exchange standard (banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gold exchange standard
(banking/foreign exchange) An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios. gold fixing (banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gold fixing
(banking/commodity markets) In London, Paris and Zurich, at 10:30 a.m. and again at 3:30 p.m., gold specialists or bank officials specializing in gold bullion activity determine the price for the metal. Gold Key Service (U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Gold Key Service
(U.S.) An International Trade Administration, U.S. Department of Commerce service that provides customized information for U.S. firms visiting a country--market orientation briefings, market research, introductions to potential business partners, an interpreter for meetings, assistance in developing a market strategy, and help in putting together a follow-up plan. Trade specialists design an agenda of meetings, screen and select the right companies, arrange meetings with key people, and go with U.S. representatives to ensure that no unforeseen difficulties occur. For further information, in the U.S. call [1] (800) USA-TRADE to find the nearest district office of the Department of Commerce International Trade Administration. gold reserves (banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gold reserves
(banking/foreign exchange) Gold, retained by a nation's monetary agency, forming the backing of currency that the nation has issued. gold standard (economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gold standard
(economics) A monetary agreement whereby all national currencies are backed 100 percent by gold and the gold is utilized for payments of foreign activity. gold tranche position in International Monetary Fund (banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gold tranche position in International Monetary Fund
(banking) Represents the amount that a member country can draw in foreign currencies virtually automatically from the International Monetary fund if such borrowings are needed to finance a balance-of-payments deficit. (U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(U.S.) In the case of the U.S., the gold tranche itself is determined by the U.S. quota paid in gold minus the holdings of dollars by the fund in excess of the dollar portion of the U.S. quota. Transactions of the fund in a member country's currency are transactions in monetary reserves. When the fund sells dollars to other countries to enable them to finance their international payments, the net position of the United States in the fund is improved. An improvement in the net position in the gold tranche is similar to an increase in the reserve assets of the United States. On the other hand, when the United States buys other currencies from the fund, or when other countries use dollars to meet obligations to the fund, the net position of the United States in the fund is reduced. gondola car (shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gondola car
(shipping) An open railway car with sides and ends, used principally for hauling coal, sand, etc. goods (law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
goods
(law) (a) Merchandise, supplies, raw materials, and completed products. (b) All things that are movable and are designated as sold to a particular buyer. (c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(c) Durable goods are ones that last a relatively long time and that are not dissipated or depleted when used generally, such as machinery and tools. (d) Consumer goods are ones that are purchased primarily for the buyer's personal, family, or household use. (e) Hard goods are consumer durable goods, such as appliances. (f) Soft goods are consumer goods that are not durable, such as clothing. gourde The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gourde
The currency of Haiti. 1G=100 centimes. governing law clause (law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
governing law clause
(law) A contract clause by which the parties agree that their contract should be interpreted in accordance with the law of a designated jurisdiction. A court may decide not to follow the choice made by the parties, because the parties cannot deprive a court of jurisdiction, but courts will often agree to apply the law that the parties have specified. Government Printing Office See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Government Printing Office
See Superintendent of Documents. government procurement policies and practices The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
government procurement policies and practices
The means and mechanisms through which official government agencies purchase goods and services. Government procurement policies and practices may be considered to be non-tariff barriers to trade, involving the discriminatory purchase by official government agencies of goods and services from domestic suppliers, despite their higher prices or inferior quality as compared with competitive goods that could be imported. (U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(U.S.) The United States pressed for an international agreement during the Tokyo Round (of the General Agreement on Tariffs and Trade, GATT) to ensure that government purchase of goods entering into international trade should be based on specific published regulations that prescribe open procedures for submitting bids, as had been the traditional practice in the United States. Most governments had traditionally awarded such contracts on the basis of bids solicited from selected domestic suppliers, or through private negotiations with suppliers that involved little, if any, competition. Other countries, including the United States, gave domestic suppliers a specified preferential margin, as compared with foreign suppliers. The Government Procurement Code negotiated during the Tokyo Round sought to reduce, if not eliminate, the "Buy National" bias underlying such practices by improving transparency and equity in national procurement practices and by ensuring effective recourse to dispute settlement procedures. The Code became effective Jan. l, 1981. See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
See General Agreement on Tariffs and Trade; Tokyo Round. graduation The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
graduation
The presumption that individual developing countries are capable of assuming greater responsibilities and obligations in the international community--within GATT or the World Bank, for example--as their economies advance, as through industrialization, export development, and rising living standards. In this sense, graduation implies that donor countries may remove the more advanced developing countries from eligibility for all or some products under the Generalized System of Preferences. Within the World Bank, graduation moves a country from dependence on concessional grants to non-concessional loans from international financial institutions and private banks. grandfather clause (GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
grandfather clause
(GATT) The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, but which existed before the GATT was signed. Newer members may also "grandfather" domestic legislation if that is agreed to in negotiating the terms of accession. (U.S. legislation also provides for "grandfather clauses.") grantee (U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
grantee
(U.S. foreign trade zones) A public or private corporation to which the privilege of establishing, operating or maintaining a foreign trade zone has been given. See foreign trade zone; Foreign Trade Zone Board; Foreign Trade Zone Act; operator; zone user; subzones. green card (U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
green card
(U.S. immigration) An identity card (visa) issued by the U.S. Immigration and Naturalization Service entitling a foreign national to enter and reside in the United States as a permanent resident. green line See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
green line
See China green line. grey list (U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
grey list
(U.S.) A list of disreputable end users in nations of concern for missile proliferation from the U.S. intelligence community. Licensing officials in the U.S. Departments of Commerce and State use this list as a cross-reference when reviewing export license applications for commodities listed in the Missile Technology Control Regime (MTCR) Equipment and Technology Annex. grid (foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
grid
(foreign exchange) Fixed margin within which exchange rates are allowed to fluctuate. gross (general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gross
(general) 12 dozen or 144 articles. (finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(finance) The total amount before any deductions have been made. gross domestic product (GDP) (economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gross domestic product (GDP)
(economics) A measure of the market value of all goods and services produced within the boundaries of a nation, regardless of asset ownership. Unlike gross national product, GDP excludes receipts from that nation's business operations in foreign countries, as well as the share of reinvested earning in foreign affiliates of domestic corporations. See also gross national product. gross national product (GNP) (economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gross national product (GNP)
(economics) A measure of the market value of all goods and services produced by the labor and property of a nation. Includes receipts from that nation's business operation in foreign countries, as well as the share of reinvested earnings in foreign affiliates of domestic corporations. See also gross domestic product. gross weight (shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gross weight
(shipping) The full weight of a shipment, including goods and packaging. See also tare weight. Group of Five (G-5) Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Group of Five (G-5)
Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Group of Seven (G-7) Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Group of Seven (G-7)
Group comprising the major industrialized nations in economic terms, which in view of the global economic importance of the member states have made it their objective to coordinate their respective domestic economic policies. The coordination of economic, exchange rate and monetary policy aims is achieved both at government, central bank and also on other institutionalized levels. Member states are the USA, France, Great Britain, Germany, Japan, Canada, and Italy. Group of Ten (G-10) A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Group of Ten (G-10)
A group of originally 10 countries (following Switzerland's accession, 11) comprising Belgium, Germany, France, Great Britain, Italy, Japan, Canada, Holland, Sweden and the United States, who within the framework of the General Arrangements to Borrow (GAB) have decided to put the equivalent of 17 billion in Special Drawing Rights (SDRs) in their various currencies at the International Monetary Fund's (IMF) disposal for granting loans. The Group of Ten plays an important role in discussions concerning international monetary policy. The Group of Ten is also called the Paris Club. Group of Fifteen (G-15) The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Group of Fifteen (G-15)
The G-15, established in 1990, consists of relatively prosperous or large developing countries. The G-15 discusses the benefits of mutual cooperation in improving their international economic positions. Members include: Algeria, Argentina, Brazil, Egypt, India, Indonesia, Jamaica, Malaysia (a very active member), Mexico, Nigeria, Peru, Senegal, Venezuela, Yugoslavia, and Zimbabwe. Group of Twenty-Four (G-24) A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Group of Twenty-Four (G-24)
A grouping of finance ministers from 24 developing country members of the International Monetary Fund. The Group, representing eight countries from each of the African, Asian, and Latin American country groupings in the Group of 77, was formed in 1971 to counterbalance the influence of the Group of Ten. Group of Seventy-Seven (G-77) A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
Group of Seventy-Seven (G-77)
A grouping of developing countries which had its origins in the early 1960s. This numerical designation persists, although membership had increased to more than 120 countries. The G-77 functions as a caucus for the developing countries on economic matters in many forums including the United Nations. gross ton (measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gross ton
(measure) A unit of mass or weight measure equal to 2,240 pounds. gross tonnage (shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
gross tonnage
(shipping) The capacity of a vessel (not cargo) expressed in vessel tons. It is determined by dividing by 100 the contents, in cubic feet, of the vessels closed-in spaces. (A vessel ton is 100 cubic feet.) The register of a vessel states both gross and net tonnage. gross weight (shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
(shipping) The entire weight of a shipment, including containers and packaging materials. GSP See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
GSP
See Generalized System of Preferences. guarani The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
guarani
The currency of Paraguay. 1G=100 centesimos. guarantor (law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
guarantor
(law) An individual or legal entity that makes a guaranty, by which the guarantor agrees to be held liable for another's debt or performance. See guaranty. guaranty (law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.
guaranty
(law) A contract by which one person (the guarantor) agrees to pay another's debt or to perform another's obligation only if that other individual or legal entity fails to pay or perform. A guaranty is usually a separate contract from the principal agreement, and therefore the guarantor is secondarily liable to the third person. See guarantor; surety.