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Business Reading Room
Glossary and Acronyms - V W X Y Z
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
VPA - Vendor Payment Authorization
V.R.A.
See Voluntary Restraint Agreement.
Validated Export License.
A document issued by the U.S. government authorizing the export of
commodities for which written export authorization is required by law. Two types exist: an
Individual Validated License (IVL) and a Special License.
Valuation Clause.
The clause in the Marine Policy that contains a fixed basis of
valuation agreed upon by the Assured and the Underwriter and which establishes the insured
value of the merchandise. The Clause determines the amount payable under any recoverable
loss or General Average contribution.
Value Added
The difference between the value of goods produced and the cost of
materials and services purchased to produce them. It includes wages, interest, rent, and
profits. The sum of value added of all sectors of the economy equals GDP.
Value Added Counseling.
Valued added counseling is defined as assessing a company's current
international business operations and assisting a client in one or more of the following:
(a) identifying and selecting the most viable markets; (b) developing an export market
strategy; (c) implementing the export market strategy; and (d) increasing market presence.
Value-Added Tax.
A European Community (EC) tax assessed on the increased value of
goods as they pass from the raw material stage through the production process to final
consumption. The tax on processors or merchants is levied on the amount by which they
increase the value of items they purchase. The EC charges a tax equivalent to the value
added to imports and rebates value-added taxes on exports.
Value for Customs Purposes Only.
The U.S. Customs Service defines "value for Customs purposes
only" as the value submitted on the entry documentation by the importer which may or
may not reflect information from the manufacturer but in no way reflects Customs appraisal
of the merchandise.
Vendor
Any person or entity who sells something.
Vessel.
Every description of watercraft or other artificial contrivance
used, or capable of being used, as a means of transportation on water.
Voluntary Restraint Agreement (VRA)
An arrangement whereby an exporting country agrees to reduce or
restrict exports without the importing country having to enact import controls. These
agreements are generally undertaken to avoid action by the importing country against
imports that might injure or in some way threaten the positions of domestic frims in the
exporting industry in question. Also referred to as a "voluntary export
restraint" or an "orderly marketing agreement."
Variable Levy.
A tariff subject to alterations as world market prices change, the
alterations are designed to assure that the import price after payment of the duty will
equal a predetermined "gate" price.
Vertical Export Trading Company.
An export trading company that integrates a range of functions
taking products from suppliers to consumers.
Visa.
Visas are required by many countries for entry of a foreigner. A
visa is a stamp in a foreign national's passport issued by a U.S. consular officer which
creates a legal presumption that there are no apparent reason to deny entry into the U.S.
Regardless of the stamp, the final decision to grant admission is made by an officer of
the U.S. Immigration Service at the port of entry.
Visa Waiver.
A program of selected countries to eliminate the visa requirement
on a test basis.
Visit USA Committee.
A committee of U.S. tourism managers located in foreign markets.
Visit USA Committees work with USTTA and the U.S. & Foreign Commercial Service in
planning and promoting travel to the U.S.
Voluntary Export Restriction.
An understanding between trading partners in which the exporting
nation, in order to reduce trade friction, agrees to limit its exports of a particular
good. Also called voluntary restraint agreement.
Voluntary Restraint Agreement.
Informal bilateral or multilateral understandings in which
exporters voluntarily limit exports of certain products to a particular country
destination in order to avoid economic dislocation in the importing country and the
imposition of mandatory import restrictions. These arrangements do not involve an
obligation on the part of the importing country to provide "compensation" to the
exporting country, as would be the case if the importing country unilaterally imposed
equivalent restraints on imports.
See Voluntary Export Restriction.
W
WTO
See World Trade Organiation
War Risks.
Those risks related to two (or more) belligerents engaging in
hostilities, whether or not there has been a formal declaration of war. Such risks are
excluded by the F.C.&S. (Free of Capture and Seizure) Warranty, but may be covered by
a separate War Risk Policy, at an additional premium.
Warehouse Receipt.
A receipt issued by a warehouse listing goods received for storage.
A charge assessed by a pier or dock owner for handling incoming or
outgoing cargo.
Warehouse-To-Warehouse Clause.
The clause in the Cargo Policy that defines when coverage commences
and terminates. It is the intent of the policy to attach at the time the goods leave the
warehouse of origin named in the Policy, and to continue while the goods are in due course
of transit until delivered to the warehouse of destination named in the Policy, where it
terminates.
Webb-Pomerene Association.
Associations engaged in exporting that combine the products of
similar producers for overseas sales. These associations have partial exemption from U.S.
anti-trust laws but may not engage in import, domestic or third country trade or combine
to export services.
Weighted Average
An average that reflects the underlying quantities of its
components. For example, whereas the average per capita GDP of European countries would
treat Greece and Germany equally, the weighted-average per capita GDP would refkect
Germany's greater population.
West Africa Economic Community (CEAO).
CEAO (French: Communauté Economique de l'Afrique de l'Ouest),
created in 1974, includes: Benin, Burkina Faso, Cote d'Ivoire, Mali, Mauritania, Niger,
and Senegal. (Togo has observer status). The CEAO operates as a free trade area for
agricultural products and raw materials and as a preferential trading area for approved
industrial products, with a regional cooperation tax (TCR) replacing import duties and
encouraging trade among members. A Community fund (FOSIDEC) promotes private lender
Community participation in advancement of the Community's least developed nations (Burkina
Faso, Mali, Mauritania, and Niger). CEAO envisions eventual creation of a customs union
and coordination of fiscal policies. Community headquarters are in Ouagadougou, Burkina
Faso.
West African Clearing House (WACH).
WACH (French: Chambre de Coôpération de l'Afrique de l'Ouest,
CCAO) provides settlement of payments services among central bank and other monetary
authorities in West Africa. WACH was established in 1975 (began operations in 1976);
headquarters are in Freetown, Sierra Leone. Membership includes the Central Bank of West
African States (representing Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal,
and Togo) as well as The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mauritania,
Nigeria, and Sierra Leone.
West African Development Bank (WADB).
The West African Development Bank, WADB, (French: Banque
Quest-Africaine de D‚veloppement, BOAD) promotes regional economic development and
integration in West Africa. The Bank was established in 1973 (began operations in 1976);
headquarters are in Lom‚, Togo. WADB members include: Benin, Burkina Faso, Côte
d'Ivoire, Mali, Niger, Senegal, and Togo.
West African Monetary Union (WAMU).
WAMU (French: Union Monétaire Quest Africaine, UMOA) began
operation in 1963 and was revised in 1973. The Union comprises seven French-speaking
African countries: Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal, and Togo
which share a: (a) central bank (Banque Centrale des Etats de l'Afrique de l'Ouest) which
coordinates the Union's monetary and credit policies; (b) common currency (CFA Franc)
which is freely convertible into the French Franc at a fixed parity; and (c) a common
regional development bank, the West African Development Bank. WAMU headquarters are in
Daka, Senegal.
West Africa Rice Development Association (WARDA).
WARDA conducts research on rice improvement in mangrove swamps,
inland swamps, upland conditions, and irrigated conditions. The Association is one of
several centers associated with the Consultative Group on International Agricultural
Research. WARDA was established in 1970; headquarters are in Bouake, Côte d'Ivoire.
Members include 16 West African countries: Benin, Burkina Faso, Chad, Côte d'Ivoire,
Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal,
Sierra Leone, and Togo. See Consultative Group on International Agricultural Research.
Western European Union (WEU).
The WEU was created in October 1954 (began operations in May 1955)
to promote mutual defense and progressive political unification of its members. The Union,
which serves interests between those furthered by the European Economic Community and the
North Atlantic Treaty Organization, has faced the need to change and has become focused on
three missions: humanitarian aid, peacekeeping, and crisis management and some peace
enforcement considerations. Membership, which included Belgium, France, Germany, Italy,
Luxembourg, the Netherlands, Portugal, Spain, the United Kingdom, has been increasing
toward approximately 40 nations as a result of negotiations on membership or associate
status with Greece, Turkey, Norway, Iceland, Denmark, and Ireland. WEU headquarters moved
from London, England to Brussels, Belgium in December 1992.
Wharfage.
A charge assessed by a pier or dock owner for handling incoming or
outgoing cargo.
With Average.
A marine insurance term meaning that a shipment is protected from
partial damage whenever the damage exceeds 3 percent (or some other percentage). If the
ship is involved in a major catastrophe, such as a collision, fire or stranding, the
minimum percentage requirement is waived and the insurance company pays for all of the
damage.
See Marine Cargo Insurance.
Without Reserve.
A term indicating that a shipper's agent or representative is
empowered to make definitive decisions and adjustments abroad without approval of the
group or individual represented.
World Bank
The World Bank began operations in 1946 as a companion
organization to the International Monetary Fund. Its main purposes are to lend funds at
commercial rates and provide technical and policy assistance to foster the economic
development of its poorer member countries. Formally known as the International Bank for
Reconstruction and Development.
World Administrative Radio Conference (WARC).
WARC refers to the conferences convened regularly by the United
Nations' International Telecommunications Union (ITU) to allocate and regulate radio
frequencies for the purposes of television and radio broadcasting, telephone data
communications, navigation, maritime and aeronautical communication, and satellite
broadcasting.
World Agricultural Outlook Board (WAOB).
The WAOB acts as the focal point for U.S. economic intelligence
related to domestic and international food and agriculture. The Board coordinates and
clears all commodity and aggregate agricultural and food-related data used to develop
outlook and situation material within the Department of Agriculture. WAOB was established
in 1977.
World Bank.
The World Bank is an integrated group of international institutions
which provides financial and technical assistance to developing countries. The World Bank
includes the International Bank for Reconstruction and Development and the International
Development Association. World Bank affiliates, legally and financially separate, include
the International Center for Settlement of Investment Disputes, the International Finance
Corporation, and the Multilateral Investment Guarantee Agency. World Bank headquarters are
in Washington, D.C.
World Confederation of Labor (WCL).
The WCL represents the cultural, economic, political, and social
interests of millions of workers in Africa, the Americas, Asia, Europe, and the Middle
East. The Confederation was founded in 1920 as the International Federation of Christian
Trade Unions (IFCTU .. not to be confused with ICFTU, the International Confederation of
Free Trade Unions); headquarters are in Brussels, Belgium.
World Federation of Development Financing
Institutions (WFDFI).
WFDFI (Spanish: Federacion Mundial de Instituciones Financieras de
Desarollo, WFDFI) promotes improved technical operations of, and coordination among,
worldwide development banking activities. Federation members include development financing
institutions. The Federation was established in 1979; headquarters are in Madrid, Spain.
World Food Council (WFC).
The WFC is a UN body which was created in December 1974 to help
eliminate hunger and malnutrition. The Council monitors world food production,
consumption, and trade patterns. The Council provides a forum for international discussion
and assistance on ways of improving food production in developing countries and in
increasing world food security. WFC headquarters are in Rome, Italy.
World Food Program (WFP).
The WFP, created in 1963, is a United Nations program with
headquarters in Rome, Italy. WFP administers the International Emergency Food Reserve and
supports projects which incease agricultural production, nutrition, and social and
economic development in developing countries.
World Health Organization (WHO).
The WHO (French: Organisation Mondiale de la Sant‚, OMS) is a
specialized agency of the United Nations which sets standards for the quality control of
drugs, vaccines, and other substances affecting health. WHO was established in July 1946;
headquarters are in Geneva, Switzerland.
See Codex Alimentarius Commission.
World Intellectual Property Organization (WIPO).
WIPO (French: Organisation Mondiale de la Propri‚t‚
Intellectuelle, OMPI) promotes protection of intellectual property around the world
through cooperation among states, and administers various "Unions," each founded
on a multilateral treaty and dealing with the legal and administrative aspects of
intellectual property. The Organization was established in 1967 (came into force in 1970),
and became a specialized agency of the United Nations in December 1974; headquarters are
in Geneva, Switzerland.
World Meteorological Organization (WMO).
Originally established under another name in 1875, the WMO was
reconstituted and renamed in 1951. The WMO facilitates worldwide cooperation in
establishing a network for meteorological, hydrological, and geophysical observations, for
exchanging meteorological and related information, and for promoting standardization in
meteorological measurements. Organization headquarters are in Geneva, Switzerland.
World Tourism Organization (WTO).
The WTO, associated with the United Nations, is an
intergovernmental technical body dealing with all aspects of tourism. The Organization
promotes and develops tourism as a means of contributing to economic development,
international understanding, peace, and prosperity. The WTO provides a world clearing
house for the collection, analysis, and dissemination of technical tourism information and
it offers national tourism administrations and organizations a means for multilateral
approaches to international discussions and negotiations on tourism policy and practice.
The Organization was established in November 1974; headquarters are in Madrid, Spain.
World Trade Organization (WTO)
Created by the Uruguay Round and successor to the GATT, this new
organization began operations on January 1, 1995. It has expanded authority to oversee
international trade.
World Traders Data Reports (WTDR).
WTDR is an International Trade Administration fee-based service
which provides a confidential background report on a specific foreign firm, prepared by
commercial officers overseas. WTDRs provide information about the type of organization,
year established, relative size, number of employees, general reputation, territory
covered, language preferred, product lines handled, principal owners, financial
references, and trade references. WTDRs include narrative information about the
reliability of the foreign firm.
World Trade Organization (WTO).
Provisions to establish the WTO were reached in the Uruguay Round
of the General Agreement on Tariffs and Trade (GATT). The WTO is scheduled to be
established no later than 1997 as an international organization of comparable stature to
the World Bank and the International Monetary Fund. The Organization is expected to
facilitate implementation of trade agreements reached in the Uruguay Round by bringing
them under one institutional umbrella, requiring full participation of all countries in
one new trading system, and providing a permanent forum to discuss new issues facing the
international trading system. The WTO system will be available only to countries which:
(a) are contracting parties to the GATT, (b) agree to adhere to all of the Uruguay Round
agreements, and (c) submit schedules of market access commitments for industrial goods,
agricultural goods, and services.
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Zangger Committee.
The Zangger Committee of the Nonproliferation Treaty Exporters
examines controls enacted pursuant to the Nuclear Nonproliferation Treaty by refining the
list of items requiring nuclear safeguards. The Zangger Committee consists of 23 Nuclear
Non-Proliferation Treaty (NPT) nuclear supplier nations which includes all nuclear weapons
states except France and China. Through a series of consultations in the early 1970's, the
countries of the Zangger Committee compiled a "trigger list" of nuclear
materials and equipment. The shipment of any item on the list to a non-nuclear weapons
state "triggers" the requirement of International Atomic Energy Agency (IAEA)
safeguards. Since the Zangger Committee is associated with the NPT, its members are
obligated to treat all non-nuclear weapons parties to the treaty alike. For fear of
discrediting the NPT, the Zangger countries cannot target strict nuclear controls toward
certain nations with questionable proliferation credentials; the NPT binds them to assist
non-nuclear weapons states with peaceful atomic energy projects.
Zone d'Echanges Préférentiels pour les Etats de
l'Afrique de l'Est et de l'Afrique Australe
See Preferential Trade Area for Eastern and Southern African
States.
La Zone Franc
See Franc Zone.
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