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Business Reading Room
Glossary and Acronyms - from N to
O
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
Nacional Financiera.
NAFIN promotes growth in Mexico's priority development areas. NAFIN
provides financial assistance to small and medium-sized Mexican businesses, encourages
foreign investment in Mexico, and supports technological development in Mexico. NAFIN
headquarters are in Mexico City, Mexico.
NAFTA
See North American Free Trade Agreement.
Named Perils Policy.
Any marine policy limiting coverage to perils specifically listed
in the policy; opposed to All Risks policy. See "All Risks."
National Advisory Council on International
Monetary and Financial Policies.
The NAC is responsbile for coordinating U.S. participation in the international
financial institutions and the policies and practices of agencies of the U.S. government
that make, or participate in making, foreign loans or that engage in foreign financial,
exchange, or monetary transactions. With regard to international financial institutions,
the Council seeks to ensure that their operations are conducted in a manner consistent
with U.S. policies and objectives and with lending and other foriegn financial activities
of U.S. government agencies.
The Council formulates and reviews policies and programs for use by the U.S.
representatives to these institutions and advises the Secretary of the Treasury on:
- Policies and selected proposed transactions of the institutions;
- Proposed actions by these institutions requiring U.S. approval on such subjects
as the flotation of securities, increases in quotas and subscriptions, and changes in
their articles of agreement; and
- Problems relating to the administration and management of the international
finnancial institutions.
NAC membership includes: the Departments of the Treasury (as chair), State, and
Commerce, the U.S. Trade Representative, the Federal Reserve System, the Export-Import
Bank, and the International Development Cooperation Agency.
National Agricultural Library.
In its international role, the NAL cooperates in database
production, compilation of world lists of journals, publication exchange, cooperative
indexing, and intern training. The NAL serves as the U.S. center for the international
agricultural information system. The NAL's AGRICOLA database covers all aspects of
agriculture via bibliographic records to documents, including international agricultural
trade topics such as policy, research, flows of commodities, environmental, taxation, and
sociological impacts. AGRICOLA is produced soley by the NAL. The NAL's Agricultural Trade
and Marketing Information Center (ATMIC) disseminates information on agribusiness,
countertrade (barter), exports, and trade development. The NAL is located in Beltsville,
Maryland.
See: Agriculture Information System.
National Association of State Departments of
Agriculture.
NASDA is a nonprofit, nonpartisan organization of the 50 state
departments of agriculture and those from the trust territories of Puerto Rico, Guam,
American Samoa, and the Virgin Islands. Headquarters are in Washington, D.C.
National Association of State Development Agencies.
The National Association of State Development Agencies, NASDA, was
formed in 1946 to provide a forum for directors of state economic development agencies to
exchange information, compare programs, and deal with issues of mutual interest. NASDA's
organization includes International Trade and Foreign Investment components. Trade
activities include maintenance of a State Export Program Database.
National Defense Executive Reserve.
The NDER Program, which is operated by the Commerce Department's
Bureau of Export Administration, recruits and trains experienced business executives and
other qualified civilians to serve in key government positions during periods of
emergency. These reservists would augment Department of Commerce staff as required to
respond to national security emergencies.
National Intelligence Council.
The NIC is comprised of the U.S. National Intelligence Officers and
concentrates on problems of particular geographic regions and functional areas such as
economics and chemical/biological warfare.
National Member Body (NB).
Every country that participates in the work of the International
Organization for Standardization (ISO) nominates a single
body which will represent it within ISO and those of its various
sub-committees and working groups that it wishes to be
involved with. These national member bodies may choose to
participate in any, or all, of the various fields of standardization that are the
responsibility of ISO by becoming either a Participting Member or an Observer Member.
A similar process applies for countries participating in the work of the
International Electrotechnical Commission (IEC).
National Security Controls.
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 Western countries' national security.
National Security Council.
The NSC was established by the National Security Act of 1947 to
advise the President with respect to the integration of domestic, foreign, and military
policies relating to national security.
National Security Override.
In some cases, 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.
National Tourism Policy Act.
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.
The NTDB contains international economic and export promotion
information supplied by 19 U.S. 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, International Trade 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).
National Trade Estimates Report.
An annual report by USTR that identifies significant foreign
barriers to and distortions of trade.
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 Resource Based Products.
This GATT Negotiating Group was formed as a direct result of
pressure from resource-rich LDCs 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.
NCDN
Non-Circumvention/Non-Discrimination.
Net Foreign Investment.
Net foreign investment is the sum of U.S. exports of goods and
services, receipts of factor income, and capital grants received by the United States
(net), less the sum of imports of goods and services by the United States, payments of
factor income, and transfer payments to foreigners (net). It may also be viewed as the
acquisition of foreign assets by U.S. residents, less the acquisition of U.S. assets by
foreign residents. It includes the BPA statistical discrepancy.
Net Price
Price after substracting all discounts, rebates, etc.
Net Weight.
Weight of the goods alone without any immediate wrappings; e.g.,
the weight of the contents of a tin can without the weight of the can. See "Legal
Weight."
New-To-Export
As defined by the International Trade Administration, 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.
New-To-Market
As defined by the International Trade Administration, 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.
Newly Independent States (NIS)
Twelve of the republics of the former Soviet Union: Armenia,
Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgystan, Moldova, Russia, Tajikistan,
Turkmenistan, Ukraine, and Uzbekistan.
Newly Industrialized Economy (NIE)
A developing economy that has reached a relatively advanced stage
of economic growth and have experienced rapid growth of GDP, industrial production, and
exports in recent years. The term was first applied to Hong Kong, Singapore, South Korea,
and Taiwan, but it is often extended to other countries. Also known as NIC (Newly
Industrialized Countries.)
N.I.E.
See Newly Industrialized Economy.
Niger Basin Authority
The NBA (French: Autorit‚ du Bassin du Neiger) fosters coordinated development
of the Niger Basin area. The Authority regulates navigation, publishes statistics and
hydrological forecasts, promotes environmental control and agricultural and infrastructure
development. NBA's predecessor organization was established in 1964; headquarters are in
Niamey, Niger. NBA members include: Benin, Burkina Faso, the Cameroon, Chad, C“te
d'Ivoire, Guinea, Mali, Niger, and Nigeria.
Nigeria Trust Fund
The NTF grants loans on preferential terms to finance projects in Nigeria in
cooperation with other lending institutions. The Fund, which is administered by the
African Development Bank, was established in February 1976.
N.I.S.
See Newly Independent States.
Nomenclature of the Customs Cooperation Council.
This was known as the "Brussels Classification
Nomenclature" prior to January 1, 1975. It is the customs tariff adhered to by most
European countries and many other countries throughout the world, but not by the United
States.
Non-Tariff Barriers
NTBs are market access barriers that result from prohibitions, restrictions, conditions or
specific requirements and make exporting products difficult and/or costly. The term covers
any restriction or quota, charge, or policy, other than traditional customs duties,
domestic support programs, discriminatory labeling and health standards, and exclusive
business practices which limit the access of imported goods. NTBs may result from
government or private sector actions.
Non-Tariff Measures
While there is no specific definition of an NTM, some of the most commonly-used NTMs
include 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.
Participants in the Tokyo Round 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.
NonVessel Owning Carrier
An NVOC is a firm which consolidates and disperses international containers that originate
at, or are bound for, inland ports.
Nordic Council
The Nordic Council, established in 1952, is directed toward supporting cooperation among
Nordic countries in communications, cultural, economics, environmental,, fiscal, legal,
and social areas. Members include: Denmark, Finland, Iceland, Norway, and Sweden. Council
headquarters are in Stockholm, Sweden.
Nordic Investment Bank
The NIB, which began operating in December 1975, promotes economic cooperation and
development by providing resources and guarantees for exports and for capital investment
projects. Bank members include: Denmark, Finland, Iceland, Norway, and Sweden. Bank
headquarters are in Helsinki, Finland.
North American Free Trade Agreement
NAFTA, which entered into force in January 1994, is a free trade agreement comprising
Canada, the United States and Mexico. NAFTA exceeds 360 million consumers and a combined
output of $6 trillion --approximately 20 percent larger than the European Community.
NAFTA's consumer population is slightly smaller than the European Economic Area which has
over 380 million consumers.
The Agreement:
- Progressively eliminates almost all U.S..-Mexico tariffs over a 10-year period, with a
small number of tariffs for trade-sensitive industries phased out over a 15-year period.
Mexico-Canada tariffs are also phased out over a 10-year period. Tariff reduction
schedules between the United States and Canada negotiated in the Canadian Free Trade
Agreement are retained.
- Eliminates other barriers to trade such as import licensing requirements and Customs
user fees.
- Establishes the principle of national trreatment, for ensuring that NAFTA-origin products
trade between NAFTA countries will receive treatment equal to similar domestic products.
- Guarantees service providers of the threee countries equal treatment in the NAFTA area,
including the right to invest and the right to sell services across borders.
- Establishes five basic principles to prootect foreign investors and their investment int
he free trade area:
(a) nondiscriminatory treatment,
(b) freedom from performance requirements,
(c) free transference of funds related to an investment,
(d) expropriation only in conformity with international law, and
(e) the right to seek international arbitration f or a violation of the agreement's
protections.
The Agreement contains special provisions for sensitive economic sectors, including
agriculture, automotive products, energy, and textiles and apparel. The Agreement also
created a Border Environment Cooperation Commission and a North American Development Bank.
North Atlantic Treaty Organization
NATO members include Belgium, Canada, Denmark, France (which has only partial membership),
Greece, Iceland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Turkey, United
Kingdom, United States, and Germany. With the end of the "cold war," NATO's
role, originally defense-oriented is being redefined.
Norwegian Agency for Development Cooperation
NORAD provides financing of project exports from Norway to developing countries for
development undertakings which contribute to development and which can be sustained
without future external assistance. About 50 percent of Norwegian assistance is bilateral
aid; the balance is channelled as multialteral aid through UN specialized agencies and
financial institutions, including regional development banks. NORAD bilaterial aid
includes provisions for Norwegian private industrial sector participation as suppliers of
capital equipment and services and technology. A portion of assistance may involve
concessional financing for Norwegian project exports, including mixed credits, export
credit guarantees, support for training in connection with project exports, and tied
co-financing on grant basis with the World Bank, the African Development Bank, and the
Asian Development Bank. NORAD assistance is subject the OECD's Development Assistance
Committee guidelines for development assistance and associated financing.
NORAD was established in 1968; headquarters are in Oslo, Norway.
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