Dictionary Definitions

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Naamloze Vennotschap (N.V.)

Forwarders Association of America
A non-profit organization founded in 1897 which serves as the trade organization of customs brokers and international freight forwarders in the U.S. Through ongoing communications with industry trade publications and the general media, the Association projects the industry's interests and objectives. Membership includes brokers and freight forwarders in 32 affiliated associations located at major ports throughout the U.S. Address: National Customs Brokers and Freight Forwarders Association of America, One World Trade Center, Suite 1153, New York, NY 10048; Tel: [1] (212) 432-0050.
nationalization
(economics) Takeover by the government, with or without compensation, of a public or private activity.
national security controls
(U.S.) National security controls restrict exports of U.S. goods and technology which would make a significant contribution to the military potential of another country and thus be detrimental to national security.
National Security Directive #53
(U.S.) NSD-53 deals with the export licensing process and sets specified time periods for resolving disputes on both national security and foreign policy export license applications. Under NSD-53, exports controlled on both of these grounds are subject to explicit timetables for interagency dispute resolution at the Sub-Cabinet level by the Advisory Committee on Export Policy (ACEP), and at the cabinet level by the Export Administration Review Board (EARB). The Directive requires escalation to the ACEP not later than 100 days from the filing date of the applicant's application, and if the disagreement cannot be resolved by the ACEP, for review and resolution by the EARB within 35 days of the date of the ACEP meeting. Cases not resolved by the EARB must be escalated to the President for resolution. The new procedures also permit an agency to refer a case at any stage of the dispute resolution process to the NSC for a 30 day policy review. See National Security Directives.
National Security Directives (NSD)
(U.S.) NSDs provide policy or procedural guidance and are signed by the President. In 1989, the President reorganized the national security council committee process (separate from the Export Administration Review Board (EARB)). As reorganized, under the National Security Council (NSC), there are committees for Coordinating Committee for Multilateral Export Controls (CoCom), terrorism, nonproliferation, etc. NSDs were known as National Security Decision Directives, NSDDs, before President Bush's reorganization. NSD-1 reorganized the process; NSD-10 established the committees; NSD-53 deals with export licensing. The scope of coverage and the players are about the same under the NSD and NSDD processes.
National Security Override (NSO)
(U.S.) In some cases of U.S. export law, despite a finding of foreign availability of a controlled commodity, control is maintained over exporting the commodity because it is deemed a national security sensitive item. The term national security override is used to describe this circumstance.
The term has also been used in other contexts. For example, under a November 16, 1990 directive, the President instructed the interagency control groups to move as many dual use items from the U.S. State Department's International Munitions List to the Commerce Department's Commerce Control List. In some circumstances, a national security override is applied to prevent transfer of a particular item.
See also International Munitions List; Commerce Control List.
National Tourism Policy Act
(U.S. law) Legislation passed in 1981 that created the U.S. Travel and Tourism Administration and required the establishment of the Tourism Policy Council and the Travel and Tourism Advisory Board.
National Trade Data Bank (NTDB)
(CD-ROM publication) The NTDB is an electronic data base available on CD-ROM which contains international economic and export promotion information supplied by 15 U.S. governmental agencies. Data are updated monthly and are presented in one of three standard formats: text, time series, or matrix. The NTDB contains data from the Departments of Agriculture (Foreign Agricultural Service), Commerce (Bureau of the Census, Bureau of Economic Analysis, Office of Administration, and National Institute for Standards and Technology), Energy, Labor (Bureau of Labor Statistics), the Central Intelligence Agency, Eximbank, Federal Reserve System, U.S. International Trade Commission, Overseas Private Investment Corporation, Small Business Administration, the U.S. Trade Representative, and the University of Massachusetts (MISER data on state origins of exports). Source: U.S. Department of Commerce, Office of Business Analysis, HCHB Room 4885, Washington DC 20230; Tel: [1] (202) 482-1986.
National Trade Estimates Report
(U.S.) An annual report by the United States Trade Representative (USTR) that identifies significant foreign barriers to and distortions of trade. Contact: Office of the United States Trade Representative, Executive Office of the President, 600 17th Street NW, Washington DC 20508; Tel: [1] (202) 395-3350.
national treatment
National treatment affords individuals and firms of foreign countries the same competitive opportunities, including market access, as are available to domestic parties.
natural advantage
(economics) Economic theory that states that a country has a competitive advantage in the production of certain products as a result of access to natural resources, transportation or climatic conditions.
Natural Resource Based Products
(GATT) A General Agreement on Tariffs and Trade (GATT) Negotiating Group which was formed as a direct result of pressure from resource-rich Less Developed Countries to have an additional forum to deal with their special concerns, including the removal of barriers to trade in natural resource-based products. There are different interpretations among participants as to whether this group includes only three traditional product areas examined during the early 1980s GATT Work Program on NRBPs--non-ferrous metals and minerals; fish and fish products; and wood and wood products--or whether the Group may also discuss barriers in non-traditional product areas such as energy-based products.
near-bank
(banking-Canada) A financial institution, excluding standard commercial bank, such as savings bank, credit union, etc.
negligence
(law) Failure to do that which an ordinary, reasonable, prudent person would do, or the doing of some act that an ordinary, prudent person would not do. Reference is made of the situation, circumstances, and awareness of the parties involved.
negotiable
(general) Anything that can be sold or transferred to another for money or as payments of a debt. In international trade, usually refers to the transferability of a title document--such as a negotiable bill of lading.
(investments) Refers to a security, title to which is transferable by delivery.
See negotiable instrument.
negotiable bill of lading
(shipping) Bill of lading transferred by endorsement. There are three possibilities: (1) to XY & Co. or their order; (2) to the order of XY & Co.; and (3) to order, without the name of the party. In the latter case the bill remains to the order of the shipper until he endorses it.
These types of bills of lading are usually endorsed on the reverse. The opposite of a negotiable bill of lading is the straight bill of lading See bill of lading; endorsement.
negotiable instrument
(law/banking/shipping) A written document (instrument) that can be transferred merely by endorsement (signing) or delivery. Checks, bills of exchange, bills of lading and warehouse receipts (if marked negotiable), and promissory notes are examples of negotiable instruments.
(U.S.) The Uniform Negotiable Instruments Act states: "An instrument, to be negotiable, must conform to the following requirements: (1) it must be in writing and signed by the maker or drawer; (2) it must contain an unconditional promise or order to pay a certain sum in money; (3) it must be payable on demand, or at a fixed or determinable future time; (4) it must be payable to order or to bearer; and (5) where the instrument is addressed to a drawee, he must be named or otherwise indicated therein with reasonable certainty."
negotiable warehouse receipt
(shipping) A certificate issued by an approved warehouse that guarantees the existence and the grade of a commodity held in store. See negotiable instrument.
negotiating bank
(banking) In a letter of credit transaction, the bank that (1) receives and examines the seller's documents for adherence to the terms and conditions of the letter of credit, (2) gives value to the seller, so long as the terms of the credit have been met, and (3) forwards them to the issuing bank (the buyer's or importer's bank). Depending upon the type of credit, the negotiating bank will either credit or pay the seller/exporter immediately under the terms of the letter of credit, or credit or pay the exporter once it has received payment from the issuing bank. See advising bank; issuing bank.
negotiation
(banking) (a) The action by which a negotiable instrument is circulated (bought and sold) from one holder to another. (b) In letter of credit transactions, (1) the examination of the seller's documentation by the negotiating bank to determine if they comply with the terms and conditions of the letter of credit and (2) the giving of value for draft(s) and/or document(s) by the bank authorized to negotiate. Mere examination of the documents without giving value does not constitute a negotiation. See letter of credit.
negotiation credit
(banking) A documentary letter of credit available by negotiation. See letter of credit.
NES
See not elsewhere specified.
nested
(shipping) Packed one within another.
net cash
Payment for goods sold usually within a short period of time with no deduction allowed from the invoice price.
net export of goods and services
(economics) The excess of exports of goods and services (domestic output sold abroad, and the production abroad credit to U.S.-owned resources) over imports (U.S. purchases of foreign output, domestic production credit to foreign-owned resources, and net private cash remittances to creditors abroad).
net foreign investment
(economics/foreign investment) The net change in a nation's foreign assets and liabilities, including the monetary gold stocks, arising out of current trade, income on foreign investment, and cash gifts and contributions. It measures the excess of: (1) exports over imports, (2) income on U.S. public and private investment abroad over payments on foreign investment in the U.S., and (3) cash gifts and contributions of the U.S. (public and private) to foreigners over cash gifts and contributions received from abroad.
Net foreign investment may also be viewed as the acquisition of foreign assets by that country's residents, less the acquisition of that country's assets by foreign residents.
net income
(economics) The remains from earnings after all costs, expenses and allowances for depreciation and probable loss have been deducted.
net loss
(economics) The excess of expenses and losses during a specified period over revenues and gains in the same time frame.
net national product
(economics) Gross national product minus capital consumption (depreciation). The market value of the net output of goods and services produced by the nation's economy.
net price
Price after all discounts, rebates, etc., have been allowed.
net ton (N.T.)
(measure) A unit of mass or weight measurement equal to 2,000 pounds. Also called short ton (S.T.).
net tonnage
(shipping) A vessel's gross tonnage minus deductions for space occupied by accommodations for crew, machinery for navigation, the engine room, and fuel. A vessel's net tonnage represents the space available for the accommodation of passengers and the stowage of cargo.
net weight
(general) The weight of goods without packaging.
(shipping) The weight of merchandise without the shipper container. Also the weight of the contents of a freight car.
neutral air waybill
(shipping) A standard air waybill without identification of issuing carrier. See air waybill; bill of lading.
neutral body
(shipping) A regulatory entity operating within the framework of a shipping conference, established by the member carriers to act as a self-policing force to ferret out malpractices and other tariff violations. The neutral body has authority to scrutinize all documents kept by the carriers and the carriers' personnel with right of entry to all areas of the carrier's facilities including desks, briefcases, etc. Violations found are reported to the membership with significant penalties being assessed. Repeated offenses are subject to escalating penalty amounts. Revenue from penalties are used to support the cost of the neutral body activity. See carrier; conference.
newly industrializing countries (NICs)
(economics) Relatively advanced developing countries whose industrial production and exports have grown rapidly in recent years. Examples include Brazil, Hong Kong, Korea, Mexico, Singapore, and Taiwan. The term was originated by the Organization for Economic Cooperation and Development (OECD).
new-to-export (NTE)
(U.S.) As defined by the United States Department of Commerce, a new-to-export action is one that results from documented assistance to a company that assists the client's first verifiable export sale. Either the company has not exported to any destination during the past 24 months or prior exports have resulted from unsolicited orders or were received through a U.S.-based intermediary. See United States Department of Commerce.
new-to-market (NTM)
(U.S.) As defined by the U.S. Department of Commerce, a reportable new-to-market export action is one that results from documented assistance to an exporter that facilitates a verifiable sale in a new foreign market. Either the company has not exported to that market during the past 24 months or previous exports to that market have resulted from unsolicited orders or were received through a U.S. based intermediary. See United States Department of Commerce.
nexus
(law) A party's connection with, or presence in, a place that is sufficient enough that it would be fair to subject the party to the jurisdiction of the court or government located there.
ngultrum
The currency of Bhutan. 1Nu=100 chetrum.
Nippon Telegraph and Telephone Corporation (NTT)
(Japan) NTT is Japan's largest telecommunications enterprise and was converted from a public corporation to a private enterprise in April 1985. Although competition has been allowed, the Japanese Government still owns the majority of NTT stock and postponement of a decision in NTT divestiture is an issue of considerable importance to market access by foreign companies. NTT was established in 1952. Address: Nippon Telegraph and Telephone Corporation, 1-6, Uchisaiwai-cho 1-chome, Chiyoda-ku, Tokyo 100, Japan; Tel: [81] (3) 3509-5111.
non-market economy
(economics) A national economy or a country in which the government seeks to determine economic activity largely through a mechanism of central planning, as formerly in the Soviet Union, in contrast to a market economy that depends heavily upon market forces to allocate productive resources. In a "non-market" economy, production targets, prices, costs, investment allocations, raw materials, labor, international trade, and most other economic aggregates are manipulated within a national economic plan drawn up by a central planning authority, and hence the public sector makes the major decisions affecting demand and supply within the national economy.
non-negotiable
(law) Not transferable from one person to another. Usually refers to the transferability of a title document (e.g., non-negotiable bill of lading). Possession of a non-negotiable title document alone does not entitle the holder to receive the goods named therein (e.g., non-negotiable sea waybill, air waybill, forwarder's receipt, etc.). See also negotiable; negotiable instrument.
nonperforming assets
(banking) Assets which have no financial return.
nonperforming debt
(banking) A debt which has no financial return (i.e. no interest is paid on it).
nonperforming loan; nonaccruing loan
(banking) Loan where payment of interest has been delayed for more than 90 days.
nonstructural container
(shipping) A unit load device composed of a bottomless rigid shell used in combination with a pallet and net assembly. Note: The expression "nonstructural container" is also used to refer to the shell part of a device.
non-tariff barriers or measures
(economics) Any number of import quotas or other quantitative restrictions, non-automatic import licensing, customs surcharges or other fees and charges, customs procedures, export subsidies, unreasonable standards or standards-setting procedures, government procurement restrictions, inadequate intellectual property protection and investment restrictions which deny or make market access excessively difficult for goods or services of foreign origin.
(GATT) Participants in the Tokyo Round of the General Agreement on Tariffs and Trade attempted to address these barriers through the negotiations of a number of GATT codes, open for signature to all GATT members. Seven codes were negotiated during the Tokyo Round, covering customs valuations, import licensing, subsidies and countervailing duties, antidumping duties, standards, government procurement and trade in civil aircraft.
Although the Tokyo Round codes had alleviated some of the problems caused by non-tariff measures, overall use of NTMs has increased since conclusion of the Tokyo Round.
See also import restrictions; non-tariff barriers; Tokyo Round; General Agreement on Tariffs and Trade.
non-vessel operating common carrier
(shipping) A carrier issuing bills of lading for carriage of goods on vessels which he neither operates nor owns.
(U.S.) A "carrier" defined by maritime law offering an international cargo transport service through the use of underlying carriers and under their own rate structure in accordance with tariffs filed with the Federal Maritime Commission in Washington, DC. The rates filed are required only to port-to-port portion. Specific authority for the NVOCC is given in the code of Federal Regulations, Title 46, Chapter IV, Federal Maritime Commission Sub-Part B, entitled "Regulations Affecting Maritime Carriers and Related Activities." General Order 4, Amendment i, Section 510.2 (d) states:
"The term `non-vessel operating common carrier by water' means a person who holds himself out by the establishment and maintenance of tariffs, by advertisement, solicitation, or otherwise, to provide transportation for hire by water in interstate commerce as defined in the Act, and in commerce from the United States as defined in paragraph (b) of the section; assumes responsibility or has liability imposed by law for safe transportation of shipments; and arranges in his own name with underlying water carriers for the performance of such transportation whether or not owning or controlling the means by which such transportation is affected."
Nordic Council
(regional alliance) The Nordic Council, established in 1952, supports cooperation among Nordic countries in communications, cultural, economic, environmental, fiscal, legal and social areas. Members include: Denmark, Finland, Iceland, Norway and Sweden. Address: Nordic Council, Tyrgatan 7, PO Box 19506, 10432 Stockholm, Sweden; Tel: (8) 453-47-00; Fax: (8) 411-75-36.
North American Free Trade Agreement

(NAFTA)
A free trade agreement that comprises Canada, the U.S. and Mexico. The objectives of the Agreement are to eliminate barriers to trade, promote conditions of fair competition, increase investment opportunities, provide protection for intellectual property rights and establish procedures for the resolution of disputes.
NAFTA eliminates all tariffs on goods originating in Canada, Mexico and the United States over a transition period. Rules of origin are necessary to define which goods are eligible for preferential tariff treatment.
NAFTA contains special provisions for market access, customs administration, automotive goods, textiles and apparel, energy and petrochemicals, agriculture, sanitary and phytosanitary measures, technical standards, emergency action, antidumping and countervailing duty matters, government procurement, trade in services, land transportation, telecommunications, investment, financial services, intellectual property, temporary entry for business persons, dispute settlement, administration of law and the environment.
NAFTA will produce a market exceeding 360 million consumers and a combined output of more than $6 trillion--20 percent larger than the European Community. The agreement took effect January 1, 1994.
There are a large number of resources available for more information on NAFTA. The Mexico and Canada country desks of the U.S. Department of Commerce offer an automated information system called Flash Fax with a wide range of information on NAFTA available 24 hours a day. Documents are sent free of charge to caller's fax machine within 30 minutes. For Mexico, call (202) 482-4464, and for Canada, call (202) 482-3101. A booklet called "Questions/Answers about U.S.-Mexico and North American Free Trade," and a bibliography of recent information on NAFTA is available from: U.S. Department of Commerce, Office of Mexico, 14th St. and Constitution Ave. NW, Washington, DC 20230; Tel: (202) 482-0621. The entire text of NAFTA is available from the U.S. Government Printing Office, Washington, DC 20402-9325; Tel: [1] (202) 512-1800. Ask for stock number 041-001-00407-6; or on the National Trade Data Bank on CD-ROM, Tel: (202) 482-1986.
North-South trade
(economics) Trade between developed countries (North) and developing countries (South). See developed countries; developing countries.
no show
(shipping) Freight that has been booked to a ship, but has not physically arrived in time to be loaded to that ship.
nostro account
(banking) "Our" account. An account maintained by a bank with a bank in a foreign country. Nostro accounts are kept in foreign currencies of the country which the monies are held, with the equivalent dollar value listed in another column for accounting purposes.
notary public
(law-U.S.) A person commissioned by a state for a stipulated period (with the privilege of renewal) to administer certain oaths and to attest and certify documents, thus authorizing him or her to take affidavits and depositions. A notary is also authorized to "protect" negotiable instruments for nonpayment or nonacceptance.
The role of a notary public varies from country to country. In some countries they take on many of the responsibilities which in the U.S. an attorney would assume, while in other countries they do not exist at all.
not elsewhere specified (N.E.S.)
(shipping) The abbreviation N.E.S. often appears in air freight tariffs. For example: "advertising matter, N.E.S.," "printed matter, N.E.S.," indicating that the rate stated in the tariff applies to all commodities within the commodity group except those appearing under their own rate. The abbreviation N.E.S., as used in air freight tariffs, is comparable to the abbreviation N.O.I.B.N. (not otherwise indexed by number) and N.O.S. (not otherwise specified) which appear in tariffs published by the surface modes.
notify address
(shipping) Address mentioned in the transport document (bill of lading or an air waybill), to which the carrier is to give notice when goods are due to arrive.
notify party
(shipping) Name and address of a party in the transport document (bill of lading or air waybill), usually the buyer or his agent, to be notified by the shipping company of the arrival of a shipment.
Nuclear Energy Agency (NEA)
Promotes the safe and effective use of nuclear energy through the exchange of information among technical experts, the sharing of analytical studies, and undertaking joint research and development projects by member countries. Headquarters are in Paris, France. Address: Nuclear Energy Agency, Le Seine-Saint Germain, 12 blvd. des Iles, 92130 Issy-les-Moulineaux, France; Tel: (1) 45-24-82-00; Fax: (1) 45-24-11-10.
Nuclear Non-Proliferation Act
(U.S. law) Among other actions, this Act made the U.S. Energy Department responsible for approving arrangements for nuclear exports and transfers. Each arrangement requires U.S. State Department concurrence, as well as consultations with the Arms Control and Disarmament Agency, the Nuclear Regulatory Commission, and the Departments of Defense and Commerce.
Nuclear Non-Proliferation Treaty
The NPT became effective in 1970 and was intended to limit the number of states with nuclear weapons to five: the U.S., the Soviet Union, Britain, France, and China. In doing so, the NPT attempts to: (1) prevent nuclear weapons sales by not assisting other nations with nuclear weapons development; (2) halt the nuclear weapons development programs of non-nuclear weapons states; and (3) promote nuclear disarmament and the peaceful use of nuclear technologies and materials. Over 140 states have pledged not to acquire nuclear weapons and to accept the safeguards of the International Atomic Energy Agency over all their nuclear materials. The treaty, however, is not of indefinite duration. One of the provisions of the treaty was to convene a conference 25 years after entry to decide whether the treaty would continue indefinitely or be extended for a specified time.
Nuclear Referral List
See Nuclear Regulatory Commission.
Nuclear Regulatory Commission (NRC)
(U.S.) The NRC regulates the transfer of nuclear facilities, materials and parts with uniquely nuclear applications (such as items associated with nuclear reactors). The U.S. Department of Energy regulates the transfer of information relating to nuclear technology. The U.S. State Department controls defense articles and services, such as nuclear weapons design and test equipment. The U.S. Department of Commerce controls a range of dual-use items with potential nuclear application. Validated licensing controls are in effect for commodities and technical data identified to be useful in the design, development, production or use of nuclear weapons or nuclear explosive purposes. These commodities compose the "Nuclear Referral List" (NRL). Any item under national security-based licensing requirements and intended for a nuclear-related end-use/end-user is also subject to review. In addition, any commodity that will be used in a sensitive nuclear activity is also subject to validated licensing controls. License applications for U.S. export of NRL items as well as applications that may involve possible nuclear uses are reviewed by the U.S. Department of Commerce in consultation with the Department of Energy. When either Department believes that the application requires further review, the application is referred to the Subgroup on Nuclear Export Coordination (SNEC). The SNEC is comprised of representatives from State, Defense, ACDA, and the NRC. See Nuclear Suppliers Group; Zangger Committee.
Nuclear Suppliers Group
An organization of nuclear supplier nations which coordinates exports of nuclear materials and equipment with the International Atomic Energy Agency (IAEA) inspectorate regime. The reason for creating the NSG was to allow member states some flexibility (which they do not enjoy in the Zangger Committee) in controlling items to non-nuclear weapons states.
The NSG's independence from the Nuclear Non-Proliferation Treaty (NPT) enables NSG to enlist the cooperation of supplier states that are not signatories to the NPT and thus not involved in the nuclear export control activities of the Zangger Committee. The NSG's control list is more comprehensive than the Zangger Committee's "trigger list"; it requires the imposition of safeguards on exports of nuclear technology in addition to nuclear materials and equipment.
See Nuclear Non-Proliferation Treaty; Zangger Committee; Nuclear Regulatory Commission.

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