Terms used in shipping such as World Food Program,World Health Organization ,World Food Council ,World Traders Data Reports etc.
This post explains about terms used in shipping such as World Food Program,World Health Organization ,World Food Council ,World Traders Data Reports,Warranted,World Tourism Market etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in shipping
World Confederation of Labor - 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 th 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 Customs Organization (WCO) - an intergovernmental organization comprised of customs administrations from 170 countries who participate to communicate and co-operate on customs issues.
World Customs Organization (WCO) :An intergovernmental organization comprised of customs administrations from 170 countries who participate to communicate and co-operate on customs issues.
World Federation of Development Financing Institutions - 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 - 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 - 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 - The WHO (French: Organisation Mondiale de la Sante, 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 (French: Organisation Mondiale de la Propriete 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 Tourism Organization - 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):The WTO is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.
World Traders Data Reports - 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.
WORLDSCALE:An index representing the cost of time chartering a tanker for a specific voyage at a given time. The index is given at Worldscale 100, which represents the price in dollars per ton for carrying the oil at that rate. The negotiated rate will be some percentage of the index value.
WP - Weather Permitting - Term used in a voyage charter to signify that laytime does not count when weather conditions do not allow loading or discharging operations to be carried out.
WPA:Abbreviation for "With Particular Average."
WT - World Tourism Organization, World Trade Organization
wt. – Weight
Wtd. – Warranted
WTDR - World Trade Data Report
Wties – Warranties
WTM - World Tourism Market
WTS - Working Time Saved - Charter-Party term used to define one method by which despatch money is calculated, that is, by deducting laytime used from laytime allowed. If, for example, a Charter-Party provides for six laydays for loading and the charterer uses three days, he is entitled to three days' despatch money. Also referred to as laytime saved.
Wty – Warranty
WWD - Weather Working Day - Days on which work is normally carried out at a pod arid which counts as laytime unless loading or discharging would have ceased because of bad weather.
WWR - When Where Ready - Frequently used provision in a time charter to determine the time and place of delivery / redelivery of a ship by the charterer to the shipowner. This term is qualified in such a way as to make the time and place unambiguous. such as on completion of discharge at a named port, abbreviated to w.w. r.c.d. followed by the name of the port.
WWRCD - When Where Ready on Completion of Discharge
x.c. - Ex coupon
x.d. - Ex dividend
x.in - Ex interest
XS Loss - Excess loss reinsurance
XS pt. - Excess point
Y.A.R. - York/Antwerp Rules, 1950
yard: a system of tracks within a certain area used for making up trains, storing cars, placing cars to be loaded or unloaded, etc.
Yard:A classification, storage or switching area.
yaw (to) - Failure of a ship to steer a straight course.
York-Antwerp Rules of 1974:Established the standard basis for adjusting general average and stated the rules for adjusting claims.
Yt – Yacht
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.
ZEP - Zone d'Exchanges Preferentiels pour les Etats de l'Afrique, de l'Est et de l'Afrique Australe
ZF - La Zone Franc:Zone d'Exchanges Preferentiels pour les Etats de l'Afrique de l'Est et de l'Afrique Australe - See: Preferential Trade Area for Eastern and Southern African States.
ZULU Time:Time based on Greenwich Mean Time
The above details describes about terms called in shipping such as World Food Program,World Health Organization ,World Food Council ,World Traders Data Reports,Warranted,World Tourism Market etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in shipping business below this post.Terms used in shipping such as Port of Discharge,Port of Loading,Premium income limit,Partial loss,Pacific Rim
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