S/D  
See Sight Draft 

SGAEC
China's State General Administration of Exchange Control is responsible for currency exchange issues while the Bank of China is the only bank authorized to conduct foreign exchange business.

SIC
See Standard Industrial Classification system.

Safeguards
The General Agreement on Tariffs and Trade (GATT) permits two forms of multilateral safeguards: (a) a country's right to impose temporary import controls or other trade restrictions to prevent commercial injury to domestic industry, and (b) the corresponding right of exporters not to be deprived arbitrarily of access to markets.

Sales Representative
An agent who distributes, represents, services, or sells goods on behalf of foreign sellers.

Sanitary Certificate.
A certificate which attests to the purity or absence of disease or pests in the shipment of food products, plants, seeds, and live animals. 

Saudi Arabian Standards Organization - SASO
SASO was established in April 1972 as the sole Saudi Arabian government organization to promulgate standards and measurements in the kingdom. Primarily, SASO promulgates standards for electrical equipment and some food products. Some of these standards have been adopted by the Gulf Cooperation Council.

Schedule B
Schedule B is a U.S. Bureau of the Census publication and is based on the Harmonized Commodity Description and Coding System (Harmonized System). Export statistics are initially collected and compiled in terms of approximately 8,000 commodity classifications in Schedule B, Statistical Classification of Domestic and Foreign Commodities Exported from the United States.
See: Tariff Schedules of the United States Annotated.

Scheduled Purchase
A purchase for which a bid opening date is preschedules so that agency requirements for the period covered by the contract can be gathered and combined for the Invitation for Bids.

Scope Determinations
Scope determinations deal with the product coverage of antidumping and countervailing duty orders. The Department of Commerce will determine -- in response to an application from an interested party or on its own initiative -- whether a certain product is included within the scope of an antidumpting and countervailing duty order.

Secretary.
The Company Secretary is an officer, but not necessarily a director, of the company whose duty is to discharge the statutory obligations of the company as determined by the law applicable to companies in the jurisdiction (country) in which the company is incorporated. It is often a requirement that the secretary is a real person rather than another corporate body (company) and often there is a requirement that this person is physically resident in the country in which the company is incorporated. 

Section 201
Section 201, the "escape clause" provision of the Trade Act of 1974, permits temporary import relief, not to exceed a maximum of eight years, to a domestic industry which is seriously injured, or threatened with serious injury, due to increased imports. Import relief, granted at the President's discretion, generally takes the form of increased tariffs or quantitative restrictions. To be eligible for section 201 relief, the International Trade Commission (ITC) must determine that: (a) the industry has been seriously injured or threatened to be injured and (b) imports have been a substantial cause (not less than any other cause) of that injury. Industries need not prove that an unfair trade practice exists, as is necessary under the antidumping and countervailing duty laws. However, under section 201, a greater degree of injury -- "serious" injury – must be found to exist, and imports must be a "substantial" cause (defined as not less than any other cause) of that injury.

If the ITC finding is affirmative, the President's remedy may be a tariff increase, quantitative restrictions, or orderly marketing agreements. At the conclusion of any relief action, the Commission must report on the effectiveness of the relief action in facilitating the positive adjustment of the domestic industry to import competition. If the decision is made not to grant relief, the President must provide an explanation to the Congress.
See: Escape clause
Trade Act of 1974.

Section 232
Under section 232 of the Trade Expansion Act of 1962, as amended, Commerce determines whether articles are being imported into the U.S. in quantities or circumstances that threaten national security. Based on the investigation report, the President can adjust imports of the article(s) in question.

Commerce must report on the effects these imports have on national security and make recommendations for action or inaction within 270 days after starting an investigation. Within 90 days of the report, the President decides whether to take action to adjust imports on the basis of national security. The President must notify Congress of his decision within 30 days.
See: Trade Expansion Act of 1962.

Section 301
Under section 301, firms can complain about a foreign country's trade policies or practices that are harmful to U.S. commerce. The section empowers the USTR to investigate the allegations and to negotiate the removal of any trade barriers. USTR may also self-initiate investigations. Specific timeframes for conducting the investigations are specified by law. Section 301 requires that GATT's dispute resolution process be invoked where applicable and, if negotiations fail, to retaliate within 180 days from the date that discovery of a trade agreement violation took place.
See: Special 301
Super 301.

Section 337
Section 337 of the Tariff Act of 1930 requires investigations of unfair practices in import trade. Under this authority, the International Trade Commission applies U.S. statutory and common law of unfair competition to the importation of products into the United States and their sale. Section 337 prohibits unfair competition and unfair importing practices and sales of products in the U.S., when these threaten to: (a) destroy or substantially injure a domestic industry, (b) prevent the establishment of such an industry, or (c) restrain or monopolize U.S. trade and commerce. Section 337 also prohibits infringement of U.S. patents, copyrights, registered trademarks, or mask works.
See: Tariff Act of 1930.

Section 416
Section 416 of the Agricultural Act of 1949 provides for the donation of food and feed commodities owned by Agriculture's Commodity Credit Corporation and is focused on people in developing countries.
See: Food For Peace.
Food For Progress.

Selling, General and Administrative (Expenses)
SGA is the sum of:
- General and administrative expenses (suuch as: salaries of non-sales personnel, rent, heat, and light);
- Direct selling expenses (that is, expennses that can be directly tied to the sale of a specific unit, such as: credit, warranty, and advertising expenses); and 
- Indirect selling expenses (that is, exppenses which cannot be directly tied to the sale of a specific unit but which are proportionally allocated to all units sold during a certain period, such as: telephone, interest, and postal charges).

Semiconductor Trade Arrangement
The U.S.-Japan Semiconductor Trade Arrangement is a bilateral agreement which came into effect on August 1, 1991, replacing the prior 1986 Semiconductor Trade Arrangement. The new Arrangement contains provisions to: (a) increase foreign access to the Japanese semiconductor market and (b) deter dumping of semiconductors by Japanese suppliers into the U.S. market, as well as in third country markets. In evaluating market access improvement, both governments agreed to pay particular attention to market share. The expectation of a 20 percent foreign market share by the end of 1992 is included in the Arrangement. The Arrangement explicitly states, however, that the 20 percent figure is not a guarantee, a ceiling, or a floor on the foreign market share.

Senior Commercial Officer
The SCO is the senior U.S. and Foreign Commercial Officer at an embassy and reports in-country to the Ambassador. At major posts, this position carries the title of Commercial Counselor; in key posts, Minister Counselor. Usually reporting to the SCO are a Commercial Attache and Commercial officers. The latter are sometimes assigned to subordinate posts throughout the country.

Shared Foreign Sales Corporation
A shared FSC is a foreign sales corporation consisting of more than one and less than 25 unrelated exporters.
See: Foreign Sales Corporation.

Shares or Stock.
A company issues shares or stock to the owners of the company to designate their ownership of a portion of the company's issued capital. In many locations legislation requires the company to maintain a register of the ownership of the shares and may require this to be open to inspection by relevant authorities or by the public. Bearer shares are issued to the holder (bearer) of the shares and no record of to whom the bearer shares were issued are maintained. Thus, the ownership cannot be traced. NPV - No Par Value Normally the capital of a company is divided into shares representing a 'nominal value' per share such as shares of 1US$ each. No par value shares have no particular nominal value attached to them. 

SHIELD
SHIELD is an interagency export control committee that reviews licenses involving chemical or biological weapons.

Ship's Manifest. 
An instrument in writing, signed by the captain of a ship, that lists the individual shipments constituting the ship's cargo. 

Shipment
A shipment is all of the cargo carried under the terms of a single bill of lading.

Shipper's Export Declaration. 
The SED includes complete particulars on individual shipments and is used to control exports and act as a source document for the official U.S. export statistics. SEDs must be prepared for shipments through the U.S. Postal Service when the shipment is valued over $500. SEDs are required for shipments, other than by the U.S. Postal Service, where the value of commodities classified under each individual Schedule B number is over $2,500. SEDs must be prepared, regardless of value, for all shipments requiring a validated export license or destined for countries prohibited by the Export Administration Regulations. SEDs are prepared by the exporter and the exporter's agent and delivered to the exporting carrier (such as: post office, airline, or vessel line). The exporting carrier presents the required number of copies to the U.S. Customs Service at the port of export.

The Foreign Trade Statistical Regulations (15 CFR, Part 30) provide the statistical requirements for use by exporters, freight forwarders, and ocean carriers concerning preparation and filing of SEDs.

Shipper's Load and Count. 
Note on bill of lading indication that the contents of a container were loaded and counted by the shipper and not checked or verified by the Steamship Company. 

Shipping Terms.
Terms used in price quotation that include the cost of the merchandise plus the cost of any other services that the beneficiary of a letter of credit had to pay for shipping the merchandise. The "price quote" is embodied in the letter of credit so that the beneficiary will be reimbursed under the letter of credit for the cost of the merchandise plus the cost of the prepaid services.

A. CFR (Cost and Freight) includes:
1.Cost of the merchandise 2.Transportation the dock 3.Loading on vessel 4.Forwarder's fees for preparing the shipping documents. 5.Ocean freight 

B. CIF (Cost, Insurance, and Freight) includes: 1.Cost of the merchandise 2.Transportation to dock 3.Loading merchandise on vessel 4.Forwarder's fees for preparing the shipping documents 5.Ocean freight 6.Insurance premium cost 

C. CIP (Cost and Insurance) includes: 1.Cost of the merchandise 2.Marine insurance 3.All transportation charges except the ocean freight to the named place of destination. 

D. DDP (Exdock Duty Paid) includes: 1.Cost of the merchandise 2.Transportation of merchandise to dock 3.Loading of the merchandise on vessel 4.Forwarder's fee for preparing the shipping documents 5.Ocean Freight 6.Insurance premium cost 7.Unloading of the merchandise at dockside 8.Import duties 9.Delivery to named place of destination. 

E. EXW (Ex-Factory) includes cost of the merchandise

FREE ALONGSIDE OR FREE ALONGSIDE STEAMER (FAS) - the seller must deliver the goods to a pier and place them within reach of the ship's loading equipment. The buyer arranges ship space and informs the seller when and where the goods are to be placed.

F. FAS (Free Alongside) includes: 1.Cost of merchandise 2.Transportation to dock 3.Does NOT include forwarder's fees for preparing shipping documentation, such as ocean bills of lading or air way bills. 

G. FOB (Free or Freight on Board) includes: 1.Cost of merchandise 2.Transportation to dock 3.Loading on vessel 
4.Forwarder's fee for preparing the shipping documents 

Shipping Weight
Shipping weight represents the gross weight in kilograms of shipments, including the weight of moisture content, wrappings, crates, boxes, and containers (other than cargo vans and similar substantial outer containers).

Short Supply
Commodities in short supply may be subject to export controls to protect the domestic economy from the excessive drain of scarce materials and to reduce the serious inflationary impact of satisfying foreign demand. Items that the U.S. controls for short supply purposes include petroleum and petroleum products, unprocessed western red cedar, and shipment of horses by sea. The controls are included in the Export Administration Regulations.

Sight Draft (S/D). 
A draft that is payable upon presentation to the drawee. Compare Date draft and Time draft   

Singapore-Jahor-Riau Growth Triangle
SIJORI is a subregional economic grouping composed of the nation of Singapore, the Malaysian State of Johor, and Indonesia's Riau Province.

Single Currency Peg
See: Exchange Rate Classifications.

Single European Act
The SEA, which entered into force in July 1987, was the first significant revision of the Treaty of Rome. The SEA provides the legal and procedural support for achievement of the single European Market by 1992. The SEA revised the EEC Treaty and, where not already provided for in the Treaty, majority decisions were introduced for numerous votes facing the Council of Ministers, particularly those affecting establishment of the single European Market and the European financial common market. The role of the European Parliament was strengthened; decisions on fiscal matters remained subject to unanimity.

Single Internal Market Information Service
SIMIS, operated by the Commerce Department's International Trade Administration, provides information, assistance, and advice on how to do business in the European Community's internal market.
Telephone: 202-482-5276.

Sistema de Informacion al Comercio Exterior
SICE (English: Foreign Trade Information System) is a databank which provides foreign trade information to the public and private sectors of member countries of the Organization of American States (OAS). The System includes information on the U.S. import and export markets, markets of other OAS member countries, and trade information on the European Community and Japan.

Sistema Economico Latinoamericano
See: Latin American Economic System.

Sociedad Anonima - S.A.
Spanish meaning "incorporated company": is a form of corporation which must have at least five shareholders, who may be either Mexican or foreign. Each shareholder is liable only up to the amount of their contribution. No shares may be held by the company name. "S.A." must follow the firm name, indicating that it is a corporation.   

Sociedad Anonima de Capital Variable - SA de CV
Spanish meaning "variable capital company": similarly to SA, must have at least five shareholders, who may be either Mexican or foreign. Each shareholder is liable only up to the amount of their contribution. SA de CV differs from SA in that an SA de CV may own its shares. "S.A. de C.V." must follow the firm name indicating that it a corporation with variable capital.

Societate a Responsabilitate Limitata - "Srl"
Italian private company.

Societate in Nome Collettivo - "Snc"
Italian general partnership in which there is no limit on the liability of the partners.

Societate Per Azioni - "SpA"
Italian public corporation: must have at least two shareholders at formation; after formation, the requirement is reduced to one shareholder.

Société Anonyme - S.A.
French: meaning "incorporated" - is a form of corporation which must have at least seven shareholders, who may be either French or foreign. Each member is liable only up to the amount of stock owned.

Société à Responsabilité Limitée - SARL
French meaning "limited liability company": has features of both a corporation and a partnership. The number of partners cannot exceed 50. Partners may be either French or foreign. Partner liabilities are limited to the amount of their contribution, which may be in cash or in kind but not in skills. While shares may be freely traded among partners, they may not be transferred to third parties without majority agreement of partners represenating at least 75 percent of the capital.

Société en Commandité Simple
French meaning "limited partnership": is composed of general partners, of which the managing partner at least must have unlimited liability, and silent partners whose liability is limited to the amount of their capital contributions. Silent partners are not permitted to perform any management functions vis-a-vis other partners. In a limited partnership without shares, transfer of shares of the limited partners is only allowable with the consent of all the partners. In a limited partnership with shares (Soci‚t‚ en commandit‚ par actions), these are transferred in a manner similar to corporations.

Société en Nom Collectif - SNC
French meaning "general partnership": is organized with all partners being allocated shares for their contributions, which may be cash, in-kind, or services. There is no required minimum or maximum capital, nor any share par value. Shares in the firm are not negotiable and cannot be transferred without agreement of all the partners. Each partner is liable for the totality of the firm's debts and obligations.

Société Internationale Financière pour les Investissements et le Développement en Afrique - SIFIDA
SIFIDA fosters the formation of profitable business in Africa by identifying and nurturing productive projects, by arranging for syndicated loans, and by providing export finance. The Society is a holding company affiliated with the African Development Bank (AfDB); headquarters are in Chêne-Bourg, Switzerland. Major shareholders include the AfDB, the International Finance Corporation and more than 100 financial, industrial, and commercial institutions around the world.

Société par Actions Simplifiée - SAS
French meaning "private limited company": is designed for joint ventures and permits the rights and liability of each shareholder to be defined by mutual agreement between the parties. Only two shareholders are required. 

Society for Worldwide Interbank Financial Telecommunications
SWIFT is a cooperative organized under Belgian law, with headquarters in La Hulpe, near Brussels. SWIFT provides communications services to the international banking industry, including payments and administrative messages and, more recently, securities settlements. Traffic in 1991 was about 362 million messages. SWIFT is owned by the member banks -- approximately 1,600 -- including the central banks of most countries. The U.S. Federal Reserve is not a member, but participates in certain types of payments. Securities brokers and dealers, clearing and depository institutions, exchanges for securities, and travelers checks issuers also participate in SWIFT. SWIFT was organized in 1973 and started operations in 1977.

Soft Currency
The currency of a nation in which exchange may be made only with difficulty. Soft currency countries typically have minimal exchange reserves and deficits in their balance of payments.
See: Hard Currency.

Soft Loan
Commonly, a loan from a government or multilateral development bank with a long repayment period and below-market interest.

South Asian Association for Regional Cooperation
SAARC promotes economic, technical, scientific, and social cooperation among members. The Association was founded in 1985 by seven countries: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. The Association plans to establish a South Asian Preferential Trading Arrangement (SAPTA) by 1997 as a step toward creating an economic community in south Asia.

Southern Africa Development Community
SADC, established in April 1980 (as the Southern Africa Development Coordination Conference), is a regional economic pact comprising Angola, Botswana, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Tanzania, Zambia, and Zimbabwe. Since a change in name and focus in mid-1992, the Community focuses solely on development, leaving trade matters to the Preferential Trade Agreement for Eastern and Southren Africa (PTA). Community headquarters are in Gaborone, Botswana.

Southern African Customs Union
SACU, established in 1910, includes Botswana, Lesotho, Namibia, South Africa, and Swaziland. SACU provides for the free exchange of goods within the area, a common external tariff, and a sharing of custom revenues. External tariffs, excise duties, and several rebate and refund provisions are the same for all SACU members. SACU's revenues are apportioned among its members according to a set formula. These funds constitute a significant contribution to each member's government revenues.

Southern Cone
The southern cone consists of Argentina, Brazil, Chile, Paraguay, and Uruguay. With the exception of Chile, these countries also comprise the Southern Common Market.