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الموضوع: Trade Acronyms - 4

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    Trade Acronyms - 4

    IFI: International Financial Institution; refers to financial institutions that have been established (or chartered) by more than one country, and hence are subjects of international law. Their owners or shareholders are generally national governments, although other international institutions and other organisations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIs. Many of these are multilateral development banks.


    The best-known IFIs are the World Bank, the IMF, and the regional development banks. Some of the IFIs are considered UN agencies



    IPR: Intellectual Property Rights; is a term referring to a number of distinct types of creations of the mind for which property rights are recognized—and the corresponding fields of law. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions.



    ITA: Information Technology Agreement; is an agreement enforced by the World Trade Organization (WTO) and concluded in the Ministerial Declaration on Trade in Information Technology Products in 1996. Since 1997 a formal Committee under the WTO watches over the following of the Declaration and its Implementations.


    The aim of the treaty is to lower all taxes and tariffs on Information Technology Products by signatories to zero


    *** As it pertains to technology, Information Technology (IT) is the "technology" used for the study, understanding, planning, design, construction, testing, distribution, support and operations of software, computers and computer related systems that exist for the purpose of Data, Information and Knowledge processing.



    LDBDC: Least Developed Beneficiary Developing Country


    Least Developed Country (LDC) is the name given to a country which, according to the United Nations, exhibits the lowest indicators of socioeconomic development, with the lowest Human Development Index ratings of all countries in the world. A country is classified as a Least Developed Country if it meets three criteria:

    • low-income (three-year average GNI per capita of less than US $905, which must exceed $1,086 to leave the list)
    • human resource weakness (based on indicators of nutrition, health, education and adult literacy) and
    • economic vulnerability (based on instability of agricultural production, instability of exports of goods and services, economic importance of non-traditional activities, merchandise export concentration, handicap of economic smallness, and the percentage of population displaced by natural disasters)GNI: Gross National Income


    MAI: Multilateral Agreement on Investment was a draft agreement negotiated between members of the Organisation for Economic Co-operation and Development (OECD) in 1995–1998. Its ostensible purpose was to develop multilateral rules that would ensure international investment was governed in a more systematic and uniform way between states.




    MEFTA: Middle East Free Trade Area. The U.S. MEFTA initiative started in 2003 with the purpose of creating a U.S. Middle East Free Trade Area by 2013.


    The U.S. objective with this initiative has been to gradually increase trade and investment in the Middle East, and to assist the Middle East countries in implementing domestic reforms, instituting the rule of law, protecting private property rights (including intellectual property), and creating a foundation for openness, economic growth, and prosperity.



    MERCOSUR: Southern Common Market, is a Regional Trade Agreement (RTA) between Argentina, Brazil, Paraguay and Uruguay founded in 1991 by the Treaty of Asunción, which was later amended and updated by the 1994 Treaty of Ouro Preto. Its purpose is to promote free trade and the fluid movement of goods, people, and currency. The official languages are Portuguese and Spanish



    MFA: Multi Fiber Arrangement, also known as the Agreement on Textile and Clothing (ATC)) governed the world trade in textiles and garments from 1974 through 2004, imposing quotas on the amount developing countries could export to developed countries. It expired on 1 January 2005.


    The MFA was introduced in 1974 as a short-term measure intended to allow developed countries to adjust to imports from the developing world. Developing countries have a natural advantage in textile production because it is labor intensive and they have low labor costs.



    MFN: Most Favored Nation is a status or level treatment accorded by one state to another in international trade. The term means the country which is the recipient of this treatment must, nominally, receive equal trade advantages as the "most favored nation" by the country granting such treatment. (Trade advantages include low tariffs or high import quotas.



    To be continued ...
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