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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.
X
Y
Z
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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