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Business Reading Room
Glossary and Acronyms - from G to
H
A An
B C Con D E F G H I J K L M N O P Q R S Sp T U VWXYZ
G-7
See Group of Seven.
Gambia River Basin Development Organization
The Organization (French: Organisation pour la Mise en Valeur du Fleuve Gambie,
OMVG) promotes the construction of dams for hydroelectric and irrigation purposes. The
organization was established in June 1978; headquarters are in Dakar, Senegal. Members
include: the Gambia, Guinea, Guinea-Bissau, and Senegal.
Gateway
In the context of travel activities, gateway refers to a major airport or seaport.
Internationally, gateway can also mean the port where customs clearance takes place.
GATS
See General Agreement on Trade in Services.
GATT
See General Agreement on Tariffs and Trade. A multilateral treaty
intended to help reduce trade barriers between signatory countries and to promote trade
through tariff concessions.
GATT Panel
A panel of neutral representatives that may be established by the 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.
GCC-5
The five countries of the GULF COOPERATION COUNCIL: Bahrain,
Kuwait, Oman, Qatar and the United Arab Emirates (UAE) which lie in the Arabian Gulf
region.
G.D.P.
See Gross Domestic Product.
General Agreement on Tariffs and Trade
The GATT is a binding contract among over 100 governments. GATT was established in
1947 as an interim measure pending the establishment of the International Trade
Organization, under the Havana Charter. The International Trade Organization (ITO) was
never ratified by Congress. Operating in the absence of an explicit international
organization, GATT has provided the legal framework for international trade with its
primary mission being the reduction of trade barriers. Headquarters offices are in Geneva,
Switzerland.
General Agreement on Trade in Services (GATS)
This agreement, a part of the Uruguay Round, is designed to promote
more open laws and regulations, provide national treatment to service providers, set up
dispute settlement and enforcement procedures, and provide for progressive liberalization
through future trade round.
General Arrangements to Borrow
The GAB, established in 1962 and amended several times, is an agreement under which
the International Monetary Fund may borrow monies from major industrial nations (Belgium,
Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United
States, Sweden, and Switzerland). The GAB were originally designed to enable the
participants to strengthen the Fund by lending to it specified amounts of their
currencies. These loans would be made when supplementary resources were needed to help
finance purchases by GAB participants in circumstances where such financing would
forestall or cope with an impairment of the international monetary system. The GAB were
amended to include an associated agreement with Saudi Arabia and to permit the Fund to use
the arrangements to finance transactions with nonparticipants under certain conditions on
purchases involving upper credit tranche conditionality
General Average (G.A.)
Ancient principle of equity in which all parties in a sea adventure
(ship, cargo, and freight) proportionately share losses resulting from a voluntary and
successful sacrifice of part of the ship or cargo to save the whole adventure from an
impending peril, or extraordinary expenses necessarily incurred for the joint benefit of
ship and cargo.
General Average Security.
Documents the cargo owner presents to the General Average Adjuster
to replace the vessel owner's maritime lien on cargo for its share of General Average and
to obtain release of the goods by the Steamship Company. G.A. Security consists of a G.A.
Bond and either a cash deposit or an Underwriter's Guarantee.
General Exception
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.
General Export License.
Any of various export licenses covering export commodities for
which Individually validated export licenses are not required. No formal application or
written authorization is needed to ship exports under a general export license
General Imports
"General Imports" measure 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 Customs custody.
General License
These are licenses, authorized by the Bureau of Export Administration, that permit
the export of goods and technology to specified countries without the need for a validated
license. No prior written authorization is required and no individual validated license is
issued. There are over twenty different types of general licenses, each represented by a
symbol. The reason so many general licenses exist is to accommodate the various exporting
situations that the Bureau of Export Administration has determined should not require an
Individual Validated License.
General System of Preferences (GSP)
A system of tariff preferences designed to encourage the expansion
of manufactured and semi-manufactured exports from developing countries. It is part of the
tariff structures of numerous developed countries. Under the GSP program, the United
States offers preferential duty-free entry on approximately 4,290 products fom 134
countries. The program covers a broad spectrum of agricultural, manufactured, and
semimanufactured products, but stipulates that certain products may not be designated
duty-free eligible due to the import sensitivity of U.S. domestic industries.
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.
Generalized System of Preferences
The Generalized System of Preferences, GSP, is a framework under which developed
countries give preferential tariff treatment to manufactured goods imported from certain
developing countries. 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 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.
Gesellschaft mit beschr„nker Haftung
The GmbH (German, meaning: "limited liability company") is a corporation
with separate legal personality. Its shareholders participate in the original share
capital with their initial contributions but are not liable to the company's creditors.
One person alone can form a limited liability company but legal entities may also be
shareholders. The firm name of a limited liability company must either be derived from the
purpose of its business or -- as in the case of limited partnerships -- from the name of
the shareholder or a combination of both. It must always state "with limited
liability" (mbH).
Global Export Manager
The Global Export Manager, GEM, is an electronic system for collecting and
disseminating trade leads and business opportunities. GEM is maintained by the National
Association of State Development Agencies (NASDA).
Global Quota
A global quota is a quota on the total imports of a product from all countries.
Gold Key Service
The Gold Key Service is an International Trade Administration 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.
Goods
Anything purchased other than services or real property.
Government Procurement Policies and Practices
The term refers to a nontariff barrier 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.
Grandfather Clause
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.")
Gray Market Imports
This term refers to imports bearing a genuine trademark but imported by a party
other than the trademark holder or authorized importer.
Gross Domestic Product (GDP)
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 earnings in foreign affiliates of domestic corporations.
Gross National Product
A measure of the market value of 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.
Gross Weight.
The full weight of a shipment, including goods and packaging.
Compare Tare weight.
Group of ...
Five
Similar to the Group of Seven (G-7), with the exception of Canada and Italy. Seven This
term refers to seven major economic powers (Canada. France, Germany, Great Britain, Italy,
Japan, and the United States) whose finance ministers seek to promote balanced economic
growth and stability among exchange rates.
Ten
Under the International Monetary Fund's General Agreements to Borrow (GAB), established in
1962, 10 of the wealthiest industrial members of the IMF "stand ready to lend their
currencies to the IMF up to specified amounts when supplementary resources are
needed." The finance ministers of these countries comprise the Group of 10 (also
called the Paris Club). Members include: Belgium, Canada, France, Germany, Italy, Japan,
Netherlands, Sweden, Switzerland, the United Kingdom, and the United States. Though
numbering 11 with the addition of Switzerland in 1984, the numerical name persists.
Eleven
The G-11 (also known as the Cartagena Group) was established in 1984 and comprises the
largest debtor nations in Latin America: Argentina, Bolivia, Brazil, Chile, Colombia,
Dominican Republic, Ecuador, Mexico, Peru, Uruguay, and Venezuela.
Fifteen
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.
Twenty-four
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 January 1972 to
counterbalance the influence of the Group of 10.
Seventy-Seven
A grouping of developing countries which received its name in connection with 77 countries
issuing a joint statement in Geneva, Switzerland in 1964. The G-77's primary focus is
serving as a caucus for articulating members' collective interests primarily in areas of
promoting economic cooperation among developing countries and in negotiations on economic
matters with developing countries. G-77 membership has increased since 1964 to over 125
countries.
Groupement d'Interet Economique
Groupement d'interet ‚conomique (French: "economic interest
grouping") is a joint venture which has features of both a partnership and a
corporation. The GIE is used by enterprises that wish to set up a joint activity on a
trial basis or to cooperate, but not to merge. The GIE must be an extension of some
activity of its members, frequently marketing, research, and management. Airbus Industrie
is an example of a GIE.
GSP
See under the Generalized System of Preferences.
Guaranteed Credits.
Credits that are insured under export insurance programs of
government and government-supported agencies.
Guaranteed Freight.
Freight payable whether the goods are delivered or not, provided
the failure to deliver the goods resulted from causes beyond the carrier's control.
Gulf Cooperation Council
The GCC, established in May 1981, seeks to strengthen cooperation (in areas such as
agriculture, industry, investment, security, and trade) among its six members: Bahrain,
Kuwait, Quatar, Oman, Saudi Arabia, and the United Arab Emirates. The GCC, created in
response to the outbreach of the Iran-Iraq war, established the Gulf Standards
Organization in November 1982 and the Gulf Investment Corporation in 1984. The presidency
of the GCC rotates yearly among members. Council headquarters are in Riyadh, Saudi Arabia.
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