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Ultimate Beneficial Owner.
The UBO of a U.S. affiliate is that person, proceeding up the affiliate's ownership chain beginning with and including the foreign parent, that is not owned more than 50 percent by another person. The UBO consists of only the ultimate owner, other affiliated persons are excluded. If the foreign parent is not owned more than 50 percent by another person, the foreign parent and the UBO are the same. A UBO, unlike a foreign parent, may be a U.S. person.

Ultimate Consignee.
The ultimate consignee is the person located abroad who is the true party in interest, receiving the export for the designated end-use.

Umbrella Agreements.
As used in this publication, bilateral trade agreement between public agencies of two countries or a public agency and a foreign private enterprise. Umbrella agreements stipulate conditions for substantial trade turnovers, are reviewed on an annual basis, and provide for the inclusion of multiple trading parties.

Unfair Trade Practice.
This term refers to any act, policy, or practice of a foreign government that: (a) violates, is inconsistent with, or otherwise denies benefits to the U.S. under any trade agreement to which the United States is a party; (b) is unjustifiable, unreasonable, or discriminatory and burdens or restricts United States commerce; or (c) is otherwise inconsistent with a favorable section 301 determination by the U.S. Trade Representative.

Union de Paises Exportadores de Banano
See: Union of Banana Exporting Countries.

Union Douanière et Economique de l'Afrique Centrale
See: Central African Customs and Economic Union.

Union du Maghreb Arabe
See: Arab Maghreb Union.

Union Internationale des Télécommunications
See: International Telecommunication Union.

Union Monétaire Quest-Africaine
See: West African Monetary Union.

Union of Banana Exporting Countries
The Union (Spanish: Union de Paises Exportadores de Banano, UPEB) promotes the banana industry among membes. The Union was established in 1974; headquarters are in Panama. Members include: Colombia, Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua, Panaman, and Venezuela.

Unit Price
The price of a selected unit of good or service; e.g., price per ton, per dozen, per box, etc.

United Nations
The UN is an international organization which was established in 1945 to: (a) maintain international peace and security; (b) develop friendly relations among nations, (c) achieve international cooperation in solving economic, social, cultural, and humanitarian problems and in promoting respect for human rights and fundamental freedoms; and (d) be a center for harmonizing the actions of nations in attaining these common ends. UN membership includes approximately 170 nations. UN headquarters are located in New York City. The UN structure includes six principal organs, specialized agencies, major programs, autonomous agencies, committees, subsidiary organs, and approximately a dozen peace-keeping forces. Some of the specialized agencies and other bodies were established before the UN was created.

The six principal UN organs are:
- The General Assembly (composed of all UN member nations)
- Security Council
- Economic and Social Council (ECOSOC)
- Trusteeship Council
- International Court of Justice (seated in The Hague, Netherlands)
- The Secretariat (which provides studies, information, and facilities for UN bodies)

United Nations Commission on International Trade Law
UNCITRAL was established in 1966 to aid in harmonizing and unifying international trade law. The Commission has focused on four principal international areas: (a) sales of goods, (b) payments, (c) commercial arbitration, and (d) legislation pertaining to shipping. The Commission issues publications and sponsors training in international trade law.

United Nations Conference on Environment and Development
UNCED promotes global cooperation between developing and industrialized countries in planning and managing environmentally responsible development in four major areas: (a) poverty and the environment; (b) growth patterns, consumption standards, demographic pressures and the environment; (c) international economic problems; and (d) policies, institutions, and sustainable development. UNCED was established in December 1989; headquarters are in Conches, Switzerland.

United Nations Conference on Trade and Development
UNCTAD was set up in December 1964 as a permanent organ of the UN General Assembly. UNCTAD promotes international trade and seeks to increase trade between developing countries and countries with different social and economic systems. UNCTAD also examines problems of economic development within the context of principles and policies of international trade and seeks to harmonize trade, development, and regional economic policies. Headquarters are in Geneva, Switzerland.

United Nations Development Program
The UNDP provides multilateral grant technical assistance – including expert advice, training, and limited equipment -- to developing countries. The Program was established in 1965; headquarters are in New York City.

United Nations Environment Program
The UNEP leads UN environmental activities and assists developing countries in implementing environmentally sound development policies. UNEP produced a worldwide environmental monitoring system to standardize international data. UNEP was established in 1972; headquarters are in Nairobi, Kenya.

United Nations Industrial Development Organization
UNIDO promotes accelerated commercial development in developing countries and encourages industrial cooperation worldwide. As part of its activities, UNIDO identifies promising entrepreneurs in the developing world to the attention of potential partners in industrialized countries through a network of Investment Promotion Services (IPS). IPS offices operate in Austria, China, France, Germany, Italy, Japan, Korea, Russia, Switzerland, and the United States (Washington, D.C.) Established in 1967, UNIDO became a specialized agency on the UN in 1986; headquarters are in Vienna, Austria.

United Nations Regional Commissions
There are five UN commissions which promote economic development as a regional commission for the Educational, Scientific, and Cultural Organization (UNESCO):

- The Economic Commission for Africa (ECA), established April 1958 promotes economic and social development among approximately 50 participating nations; Commission headquarters are in Addis Ababa, Ethiopia.
- The Economic Commission for Europe (ECE), established March 1947, promotes economic cooperation among members; headquarters are in Geneva, Switzerland.
- The Economic Commission for Latin America and the Caribbean (ECLAC -- Spanish: Comision Economica para America Latina y el Caribe, CEPAL), originally established as the Economic Commission for Latin American (ECLA) in February 1948 promotes economic and social development among approximately 40 member states; Commission headquarters are in Santiago, Chile.
- The Economic and Social Commission for Asia and the Pacific (ESCAP), originally established as the Economic Commission for Asia and the Far East (ECAFE) in March 1947; promotes economic development planning and related activities among approximately 38 member nations; Commission headquarters are in Bangkok, Thailand.
- The Economic and Social Commission for Western Asia (ESCWA), originally established as the Economic Commission for Western Asia (ECWA) in August 1973 promotes economic reconstruction and development among fourteen member nations. Commission headquarters are in Baghdad, Iraq.

Uruguay Round
Eighth round of multilateral negotiations held under the GATT's auspices. The talks began in Uruguay in September 1986 and concluded successfully in December 1993. The round resulted in a comprehensive agreement liberalizing trade in goods and services that came into force in January 1, 1995.

United States Agricultural Export Development Council
The USAEDC represents the interests of commodity organizations participating in the market development program established by the Foreign Agricultural Service. USAEDC, created in 1954, is composed predominantly of producer and agribusiness oriented non-profit organizations.

United States-Asia Environmental Program
The US-AEP, announced in January 1992, helps U.S. companies compete in expanding Asian markets for sales of environmental products, services, technologies, and know-how. US-AEP, coordinated by AID, links the efforts of U.S. government agencies in a one-stop service.

U.S.-Canada Free Trade Agreement (CFTA or FTA)
Implemented in January 1989 to eliminate all tariffs on U.S. and Canadian goods by January 1998 and to reduce or eliminate many nontariff barriers.

United States Council for International Business
USCIB is the American affiliate of the International Chamber of Commerce (ICC), the Business and Advisory Council (BIAC) to the Organization for Economic Cooperation and Development, and the International Organization of Employers (IOE). The Council advocates U.S. business positions to the U.S. Government, to United Nations bodies, and to other international organizations. The Council administers the ATA Carnet System, which issues and guarantees documents that allow duty-free, temporary importation of merchandise overseas. The Council was established in 1945; headquarters are in New York City.

United States and Foreign Commercial Service
The State Department's Foreign Commercial Service was transferred to Commerce in April of 1980. This group was merged with Commerce's domestic field operations in 1982, creating the U.S. and Foreign Commercial Service.

United States International Trade Commission
See: International Trade Commission.

United States Price
In the context of dumping investigations, this term refers to the price at which goods are sold in the U.S. compared to their foreign market value. The comparisons are used in the process of determining whether imported merchandise is sold at less than fair value.

United States Trade Representative
The USTR is a cabinet-level official with the rank of Ambassador who advises the President on trade policy. The USTR coordinates the development of U.S. trade policy initiatives; leads U.S. international trade negotiations; and seeks to expand U.S. exports by promoting removal or reduction of foreign trade barriers.

The Office of the USTR was created as the Office of the Special Representative for Trade Negotiations by Executive Order (11075) in January 1963. The Trade Act of 1974 established the Office as an agency of the Executive Office of the President, charged with administering the trade agreements program under the Tariff Act of 1930, the Trade Expansion Act of 1962, and the Trade Act of 1974. Other powers and responsibilities for coordinating trade policy were assigned to the Office by the Trade Act of 1974 and by the President by Executive Order in March 1975, as amended. Reorganization Plan No. 3 of 1979 (implemented by Executive Order in January 1980), charged the Office with responsibility for setting and administering overall trade policy and identified the USTR as the chief representative of the U.S. for all activities of the General Agreement on Tariffs and Trade, for negotiation on trade and commodity issues in the Organization of Economic Cooperation and Development, for negotiations in the United Nations Conference on Trade and Development, and for trade and commodity negotiations in other multilateral institutions and in other bilateral and multilateral negotiations concerning trade as a primary issue.

United States Travel and Tourism Administration
USTTA is an agency in the Commerce Department; it's principal mission is to implement broad tourism policy initiatives for the development of international travel to the U.S. as a stimulus for economic stability.

Uruguay Round
See: Rounds.

U.S. Affiliate
A U.S. affiliate is a U.S. business enterprise in which there is foreign direct investment -- that is, in which a single foreign person owns or controls, directly or indirectly, 10 percent or more of its voting securities if the enterprise is incorporated or an equivalent interest if the enterprise is unincorporated. The affiliate is called a U.S. affiliate to denote that the affiliate is located in the U.S. (although it is owned by a foreign person).
See: Foreign Person.

U.S.-Japan Semiconductor Trade Arrangement
See: Semiconductor Trade Arrangement.

U.S. Munitions List
The USML identifies those items or categories of items considered to be defense articles and defense services subject to export control. The USML is similar in coverage to the International Munitions List (IML), but is more restrictive in two ways. First, the USML currently contains some dual-use items that are controlled for national security and foreign policy reasons (such as space-related or encryption-related equipment). Second, the USML contains some nuclear-related items. Under Presidential directive, most dual-use items are to be transferred from the USML to the Commerce Department's dual-use list. State, with the concurrence of Defense, designates which articles will be controlled under the USML. Items on the Munitions List face a stricter control regime and lack the safeguards to protect commercial competitiveness that apply to dual-use items.

Usual Marketing Requirements
UMR is the amount of a commodity which a P.L. 480 ("Food for Peace") sales agreement requires the recipient country to import on a commercial basis. This amount is normally based on the country's most recent 5-year average of commercial imports of the commodity from countries friendly to the United States.

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