EAA

An abbreviation for Export Administration Act. The EAA of 1979, as amended, authorizes the President to control exports of U.S. goods and technology to all foreign destinations, as necessary for the purpose of national security, foreign policy, and short supply. As the basic export administration statute, the EAA is the first big revision of export control law since enactment of the Export Control Act of 1949. The EAA is not a permanent legislation; it must be reauthorized -- usually every three years. There have been reauthorizations of the EAA in 1982, 1985 (the Export Administration Amendments Act), and 1988 (Omnibus Amendments of 1988) which have changed provisions of the basic Act. The Act was extended in 1993 until June 30, 1994.

EAC

An abbreviation for Export Assistance Center. An Export Assistance Center (EAC) system was established by the state of Texas to link agencies, associations, and local governments in efforts to increase exports by assisting current and prospective exporters. The US&FCS has been considering using the Texas model to develop similar export assistance networks. Currently it is known as United States Export Assistant Centers or USEACs.

EADB

An abbreviation for East African Development Bank. The EADB was created in 1967 to promote economic development among Kenya, Tanzania, and Uganda. Bank headquarters are in Kampala, Uganda.

EAEC

An abbreviation for East Asian Economic Caucus. The EAEC is a regional consultative forum proposed by Malaysia in late 1990 under the name of East Asian Economic Grouping. Participation would be limited to Asian nations.

EAI

An abbreviation for Enterprise for the Americas Initiative. The EAI, launched in June 1990, supports development of a new economic relationship between the United States and Latin America. The EAI has trade investment, debt, and environment aspects. Trade aspects include efforts to advance free trade agreements with markets in Latin America and the Caribbean, particularly with groups of countries that have associated for purposes of trade liberalization. As part of this process, the U.S. seeks to enter into "framework" agreements on trade and investment with interested countries or groups of countries. These agreements set up intergovernmental councils to discuss and, where appropriate, to negotiate the removal of trade and investment barriers. Investment aspects include the establishment of an Investment Sector Loan program and the Multilateral Investment Fund to support investment reforms.

EAR

An abbreviation for Export Administration Regulations. The EAA of 1979, as amended, authorizes the President to control exports of U.S. goods and technology to all foreign destinations, as necessary for the purpose of national security, foreign policy, and short supply. As the basic export administration statute, the EAA is the first big revision of export control law since enactment of the Export Control Act of 1949. The EAA is not a permanent legislation; it must be reauthorized -- usually every three years. There have been reauthorizations of the EAA in 1982, 1985 (the Export Administration Amendments Act), and 1988 (Omnibus Amendments of 1988) which have changed provisions of the basic Act. The Act was extended in 1993 until June 30, 1994.

EARB

An abbreviation for Export Administration Review Board. The EARB is a cabinet-level export licensing dispute resolution group. The EARB was originally established in June 1970 under Executive Order 11533. Under Executive Order 12755 of March 1991, EARB membership includes Commerce (as chair), State, Defense, and Energy, and Arms Control and Disarmament Agency and, as non-voting members, the Joint Chiefs of Staff and the Central Intelligence Agency. The EARB is final review body to resolve differences among agency views on the granting of an export license. [Preceding EARB review are: (a) an interagency committee <known generally as the "Operating Committee"> and (b) the Advisory Committee on Export Policy.] National Security Directive 53 requires escalation of disputes regarding an export license to the Advisory Committee on Export Policy (ACEP) not later than 100 days from the filing date of the applicant's application. Any cases not resolved at the ACEP level must be escalated to the EARB within a specified number of days of the date of the ACEP meeting. Cases not resolved by the EARB must be escalated to the President for resolution.

EBB

An abbreviation for Economic Bulletin Board. A term for the former personal computer-based economic bulletin board operated by the U.S. Department of Commerce in Washington, D.C. The EBB was an online source for trade leads and statistical releases from the Bureau of Economic Analysis, the Census Bureau, the International Trade Administration, the Bureau of Labor Statistics, the Federal Reserve Board, Department of the Treasury, and other Federal agencies. This information can now be obtained through STAT-USA by calling 202-482-1986 .

EBRD

An abbreviation for European Bank for Reconstruction and Development. The EBRD provides assistance through direct loans. The loans are designed to facilitate the development of market-oriented economies and to promote private and entrepreneurial initiatives. The EBRD's charter mandates that at least 60 percent of EBRD lending contribute to privatization of state-owned enterprises. The remaining 40 percent may fund public infrastructure or environmental projects that promote private sector development, as well as state-owned enterprises that operate in a competitive fashion. EBRD was established in May 1990 and began financing operations in June 1991. EBRD headquarters are in London, England.

EC

An abbreviation for European Community. European Community. A regional organization created in 1958 providing for gradual elimination of intra-regional customs duties and other trade barriers, applying a common external tariff against other countries, and providing for gradual adoption of other integrating measures, including a Common Agricultural Policy (CAP) and guarantees of free movement of labor and capital. The original 6 members were Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands. Denmark, Ireland, and the United Kingdom became members in 1973; Greece acceded in 1981; Spain and Portugal in 1986. The term European Community (EC) refers to three separate regional

organizations which operate under separate treaties:

§ European Coal and Steel Community (ECSC), established in 1952

§ European Atomic Energy Community (EURATOM), established in 1958, and

§ European Economic Community (EEC), established in 1958.

Since 1967, the European Community have been served by four common institutions -- the EC Commission, the EC Council, the European Parliament, and the Court of Justice of the European Community. The present 12 member states of the EC are also members of the ECSC and Euratom. While the expression "European Community" (or "EC") was meant to refer to the three Communities, frequent use of the expression "European Community" (or "EC") has become common as a reference to the European Economic Community (EEC). Prior to November 1, 1993 (the date on which the Maastricht Treaty on European Union entered into force), the acronym "EC" was used as a reference to "European Community" and "European Communities." Part I, Article I of the Maastricht Treaty on European Union formalized "EC" as a reference to "European Community." The Treaty also introduced the term "European Union" as a broader legal entity than the European Community.

ECASS

An abbreviation for Export Control Automated Support System. ECASS was implemented by the Commerce Department in 1985 to automate a paper-based system.

ECB

An abbreviation for European Central Bank. The ECB, as envisioned by the Treaty of Maastricht, would be created to oversee performance of economic policy and exchange rate policy tasks conferred on the European System of Central Banks. The ECB would have the exclusive right to issue bank-notes within the European Community. The national central banks would be the sole subscribers to and holders of the capital of the ECB. The funding formula for the ECB would be based both on a Member State's population and on its gross domestic product. The ECB will form, together with the national central banks, the European System of Central Banks.

ECCAS

An abbreviation for Economic Community of Central African States. The Economic Community of Central African States (French: Communaut Economique des ats de l'Afrique Centrale, CEEAC) was created by the Customs and Economic Union of Central Africa to promote regional economic cooperation, eliminate trade restrictions, and establish a Central African Common Market. Members include: Burundi, the Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, Gabon, Rwanda, Sao Tom and Principe, and Zaire. The Community was established in 1983 (became operational in 1985); headquarters are in Libreville, Gabon.

ECCB

An abbreviation for East Caribbean Central Bank. ECCB, established in October 1983, promotes economic development, monetary stability and credit and exchange among eight member nations. Bank headquarters is in Basseterre, St. Kitts.

ECCN

An abbreviation for Export Control Classification Number; (formerly: Export Commodity Classification Number). Every product has an export control classification number within the Commerce Control List. Each ECCN consists of five characters that identify the category, product group, type of control, and country group level of control. Commodities under this classification usually require a Validated Export License.

ECES

An abbreviation for European Committee for Electrotechnical Standardization. See: CENELEC.

ECGD

An abbreviation for Export Credit Guarantee Department. The ECGD of the Department of Industry and Trade is the primary source of official British export credit. The ECGD helps exporters by providing: (a) insurance against the risk of not being paid for exports and (b) guarantees to banks for exporters of capital goods, under which finance can be obtained for export business, often at a favorable rate of interest. Subject to Parliamentary approval, ECDG's short-term underwriting division, the Insurance Service Group, is to be privatized. The medium and long-term underwriting group is introducing a new system for assessing premiums which will more realistically reflect the risk involved. The Department was originally established in 1919; headquarters are in London, England.

ECJ

An abbreviation for European Court of Justice. The ECJ, located in Luxembourg, was established in 1958 to support interpretation and application of European Community law. The Court has jurisdiction to settle actions brought by: (a) the Commission against member states for failing to implement EC legislation, (b) the member states against EC institutions, referrals for interpretations from national courts where a question of EC law is at issue, and individuals under a provision of EC law.

ECLAC

An abbreviation for Economic Commission for Latin America and the Caribbean. See: United Nations Regional Commissions.

ECLS

An abbreviation for Export Contact List Service. The ECLS is an ITA service that provides mailing lists of prospective overseas customers from ITA's file of foreign firms (the Foreign Traders Index). The ECLS identifies manufacturers, distributors, retailers, service firms, and government agencies. A summary of the information on the company includes contact information, product and service interests, and other data.

ECO

An abbreviation for Economic Cooperation Organization. The ECO strengthens cooperation to improve socio-economic conditions among the populations of members. The Organization was founded in 1964; headquarters are in Tehran, Iran. Members include: Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkmenistan, Turkey, and Uzbekistan.

ECOSOC

An abbreviation for Economic and Social Council. ECOSOC was created in 1945 to coordinate the economic and social work of the United Nations. The Council undertakes studies and makes recommendations on development, world trade, industrialization, natural resources, human rights, the status of women, population, narcotics, social welfare, science and technology, crime prevention, and other issues.

ECOWAS

An abbreviation for Economic Community of West African States. ECOWAS, established in May 1975 by the Treaty of Lagos (first operating in November 1976), is an economic association of 16 West African nations aimed at creating a full customs union (not yet achieved) as well as social and cultural fellowship. Members include: Benin, Burkina Faso, Cape Verde, C te d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Community headquarters are in Abuja, Nigeria.

ECS

An abbreviation for European Committee for Standardization. See CEN.

ECSC

An abbreviation for European Coal and Steel Community. The ECSC (French: Communaut Europëenne du Charbon et de l'Acier, CECA) undertakes activities to operate a common market in coal and steel; to remove barriers to trade in coal, coke, steel, pig-iron, and scrap iron.

ECU

An abbreviation for European Currency Unit. European Currency Unit. The ECU is a "basket" of specified amounts of each EC currency. Amounts were determined according to the economic size of EC members, all of whose currencies participate in the ECU basket. In the European Monetary System (EMS), the ECU is used as a basis for setting central rates in the exchange rate mechanism, as an accounting unit, and as a reserve instrument and means of settlement among EMS central banks. The ECU is not used by persons. Under provisions of the Maastricht Treaty, the ECU is scheduled to be adopted as the single European currency in Stage III of European Monetary Union (by 1999 at the latest). The composition of the basket comprising the ECU was frozen on November 1, 1993 in accordance with a provision of the Maastricht Treaty which entered into force also on November 1.

EDB

An abbreviation for Exporter Data Base. The EDB, operating on a pilot basis in 1992, provides data on the number of exporters, their distribution in cities and states, and their economic characteristics. The EDB, developed by the Commerce Department's International Trade Administration and the Census Bureau links commodity data from millions of U.S. export declarations to the Bureau's various databases on the business characteristics of U.S. firms.

EDC

An abbreviation for Export Development Corporation. EDC is Canada's official export credit agency, responsible for providing export credit insurance, loans, guarantees, and other financial services to promote Canadian export trade.

EDF

An abbreviation for European Development Fund. The EDF is the principal means by which the European Economic Community provides aid, concessionary finance, and technical assistance to developing countries. The Fund was originally established in 1958 to grant financial aid to dependencies of the six nations which founded the EEC.

EDIFACT

An abbreviation for Electronic Data Interchange for Administration, Commerce, and Transportation. EDIFACT is an international syntax used in the interchange of electronic data. Customs uses EDIFACT to interchange data with the importing trade community.

EDO

An abbreviation for Export Development Office. Export Development Offices (EDOs) in seven cities (Tokyo, Sydney, Seoul, Milan, London, Mexico City, and Sao Paulo) provide services to U.S. exporters, including market research to identify specific marketing opportunities and products with the greatest sales potential; and to organize export promotion events. EDOs are staffed by U.S. and Foreign Commercial Service officers. When not in use for trade exhibitions, EDOs with exhibit and conference facilities are made available to individual firms or associations.

EEA

An abbreviation for European Economic Area. The EEA, which became effective in January 1994, consists of Austria, Finland, Iceland, Norway, Sweden and the 12 member nations of the European Union. The EEA, encompassing an area inhabited by 370 million people, allows for the free movement of goods, persons, services and capital throughout all 17 countries. It also opens cooperation possibilities in many areas, including research and development, environment, promotion of tourism, social, and consumer policy. Significant differences exist between the EEA and full membership in the European Economic Community (EEC). The EEA is a free trade area, not a customs union. Border controls between the EEC and EFTA, while relaxed, are expected to continue. EFTA will not adopt the EEC's Common Customs Tariff nor participate in the Common Commercial Policy or Common Agricultural Policy. EFTA nations will continue to set their own tariffs for third countries subject to GATT and OECD agreements

EEBIC

An abbreviation for Eastern Europe Business Information Center. EEBIC provides information on trade and investment opportunities, trade regulations and legislation, sources of financing, and government and industry contacts in the former Eastern Bloc.

EEC

An abbreviation for European Economic Community. See European Community (EC).

EFF

An abbreviation for Extended Fund Facility. The EEF is an arrangement by which the International Monetary Fund (IMF) may provide assistance to its members to enable them to meet their balance of payments needs for longer periods and in larger amounts than are available under the IMF's credit tranche policies. See: International Monetary Fund (IMF).

EEP

An abbreviation for Export Enhancement Program. The EEP, one of four export subsidy programs operated by the Department of Agriculture, is intended to enhance U.S. trade policy strategies and objectives and to expand U.S. agricultural exports. Under the EEP, the Agriculture Department's Commodity Credit Corporation provides bonuses to U.S. exporters to enable them to be price competitive and thereby sell U.S. agricultural products in targeted overseas markets in which competitor countries are making subsidized sales. EEP-eligible commodities have included: wheat, wheat flour, rice, frozen poultry, barley, barley malt, table eggs, feed grains and vegetable oil.

EEZ

An abbreviation for Exclusive Economic Zones. The EEZ refers to the rights of coastal states to control the living and nonliving resources of the sea for 200 miles off their coasts while allowing freedom of navigation to other states beyond 12 miles, as agreed at the sixth session of the Third U.N. Conference on the Law of the Sea (UNCLOS). The EEZ also gives the coastal states the responsibility for managing the conservation of all natural resources within the 200-mile limit.

EFTA

An abbreviation for European Free Trade Association. EFTA is a regional organization established in December 1959 by the Stockholm Convention as an alternative to the Common Market. EFTA was designed to provide a free trade area for industrial products among member countries. In contrast with the EC, EFTA does not have a common external tariff and nor a common agricultural trade policy. Original EFTA members included the United Kingdom, Austria, Denmark, Norway, Portugal, Sweden, and Switzerland. The UK, Denmark, and Portugal left the Association when they joined the EC Association headquarters are in Geneva, Switzerland.

EIB

An abbreviation for European Investment Bank. The Luxembourg-based EIB, established in 1957, is an independent public institution set up the Treaty of Rome to contribute to balanced and steady development in the European Community. The EIB provides loans and guarantees to companies and public institutions to finance regional development, structural development, and achieve cross-border objectives. The EIB has emphasized regional development and energy, with Italy, Greece, and Ireland receiving major support.

EIN

Exporter Identification Number. An identification number required on the Shipper's Export Declaration for export shipments.

EIS

An abbreviation for Export Information System. The EIS is a classified automated system for export licensing operations maintained by the Department of Energy. See: Export Control Automated Support System (ECASS).

ELAIN

An abbreviation for Electronic License Application and Information Network. ELAIN is a Bureau of Export Administration (BXA) 24-hour on-line service which allows exporters to submit export license applications electronically through value-added network vendors.

ELAN

An abbreviation for Export Legal Assistance Network. The Export Legal Assistance Network, ELAN, sponsored by SBA, is a nationwide group of attorneys with experience in international trade who provide free initial consultations to small businesses on export-related matters. Telephone: 202-778-3080.

ELVIS

An abbreviation for Export License Voice Information System. ELVIS is a BXA 24-hour on-line service which allows exporters to obtain recorded information on such topics as commodity classifications, emergency handling procedures, and seminars as well as to order information. 202-482-4811

EMC

An abbreviation for Export Management Company. An EMC is a private firm that serves as the export department for several manufacturers, soliciting and transacting export business on behalf of its clients in return for a commission, salary, or retainer plus commission. An EMC maintains close contact with its clients and is supply-driven. An EMC may take title to the goods it sells, making a profit on the markup, or

it may charge a commission, depending on the type of products being handled, the overseas market, and the manufacturer-client's needs.

EMCF

An abbreviation for European Monetary Cooperation Fund. The EMCF, originally created in 1973, was revised and linked with the European Monetary System in 1979. While intended to support the European Currency Unit and support a reserve system of central banks, the Fund has been used to keep account of short-term borrowings and support currencies through intervention in foreign exchange markets at the request of member states. The Fund uses the Bank for International Settlements as its agent.

EMI

An abbreviation for European Monetary Institute. Under provisions of the Maastricht Treaty, the EMI will manage the national currency reserves of EC central banks and encourage international acceptance of the European Currency Unit (ECU). The EMI is also intended to strengthen coordination of monetary policies among European Community member states and to study and develop the infrastructure and procedures required for the conduct of single monetary policy. The EMI will be established on January 1, 1994.

EMS

An abbreviation for European Monetary System. The EMS was created in 1979 to support monetary stability, move Europe toward closer economic integration, and avoid disruptions in trade resulting from fluctuations in currency exchange rates. EMS members deposit gold and dollar reserves with the European Monetary Cooperation Fund (EMCF) in exchange for the issuance of European currency units (ECU). The EMS has three main features: the ECU an exchange rate and intervention mechanism, and credit mechanisms to support member countries. All EC members except Greece and the United Kingdom participate in the exchange rate mechanism of the EMS.

EN

An abbreviation for European Norm. The "EN" mark is a designation of a standards directive issued by CEN (Comit Europë en de Normalisation) or CENELEC (Comit Europëen de Normalisation Electrotechnique). Notations regarding En generally don't appear on the product.

EOTC

An abbreviation for European Organization for Testing and Certification. The EOTC promotes mutual recognition of tests, test and certification procedures, and quality systems within the European private sector for product areas or characteristics not covered by EC legislative requirements. The Organization was created in April 1990 by the European Community Commission under a memorandum of agreement with CEN/CENELEC and the European Free Trade Association countries. EOTC headquarters are in Brussels, Belgium.

EPC

An abbreviation for Economic Policy Council. The EPC was established by Executive Order in 1985 to address major trade policy issues in a single forum as a means of reducing tensions between different groups, such as the Trade Policy Committee and the Senior Interagency Group. The Council was modified in the Omnibus Trade and Competitiveness Act of 1988. Membership includes Treasury (chair pro tem), State, Agriculture, Commerce, Labor, Transportation, the OMB, the U.S. Trade Representative, the Council of Economic Advisers, and the Assistant to the President for Science and Technology.

Also: An abbreviation for European Patent Convention., EPC, is an agreement between European nations to centralize and standardize patent law and procedure. The EPC, which took effect in 1977, established a single "European patent" through application to the European Patent Office in Munich. Once granted, the patent matures into a bundle of individual patents -- one in each member country designated by the patent applicant. Patent applicants must indicate the countries to which they wish to have patent protection.

EPCI

An abbreviation for Enhanced Proliferation Control Initiative. In December 1990, the United States announced a series of measures -- collectively referred to as the Enhanced Proliferation Control Initiative (EPCI) -- to reduce certain proliferation risks. Under the initiative, the U.S. requires licenses for exports of: (a) precursor chemicals that can be used in making chemical weapons and whole chemical plants to make such precursors; (b) potential chemical and biological weapon-related industrial facilities, related designs, technologies, and equipment; and (c) any items to destinations that raise proliferation concerns when the exporter knows, or is informed by the Commerce Department, of such concerns. The initiative also calls for: (d) penalties on U.S. firms and individuals that promote the spread of chemical weapons and missile technology; (e) control lists of (i) dual-use equipment and technologies related to chemical and biological weapons and missiles, and (ii) countries to which exports of such items should be controlled; and (f) multilateral adoption of the initiative's measures.

EPO

An abbreviation for European Patent Office. The EPO (German: Europeisches Patentamt; French: Office Europë en de Brevets) promotes easier, cheaper, and more reliable patent protection by establishing a single procedure for granting patents on the basis of a single European patent law. Standards are available in English from the World Intellectual Property Organization. The Office was established in October, 1973; its headquarters are in Munich, Germany. EPO membership is not open to the U.S., but close relations are maintained through the Commerce Department's Patent and Trademark Office.

EPROM

An abbreviation for Erasable Programmable Read-Only Memory

EPS

An abbreviation for Export Promotion Services. Export promotion services refers to the collective programs a nation has to help companies sell products abroad. These programs may include business counseling, training, and representational assistance, as well as providing market research information, trade fair opportunities, and export financing assistance.

EPZ

An abbreviation for Export Processing Zones. EPZs are a form of free trade zone which provide incentives for industrial or commercial export activity. Export processing zones are located in developing countries and are usually in defined areas, industrial parks, or facilities which provide free trade zone benefits and usually offer additional incentives, such as exemption from normal tax and business regulations. The zones, which began appearing around 1975, are sometimes referred to as Special Economic Zones or Development Economic Zones. See: Free Trade Zones (FTZ).

ERLC

An abbreviation for Export Revolving Line of Credit. The ERLC, is a form of financial assistance provided by the Small Business Administration (SBA). The ERLC guarantees loans to U.S. firms to help bridge the working capital gap between the time inventory and production costs are disbursed until payment is received from a foreign buyer. SBA guarantees 85 percent of the ERLC subject to a $750,000 guarantee limit. The ERLC is granted on the likelihood of a company satisfactorily completing its export transaction.

The guarantee covers default by the exporter, but does not cover default by a foreign buyer; failure on the buyer's side is expected to be covered by letters of credit or export credit insurance.

ERM

An abbreviation for Exchange Rate Mechanism. The ERM is a program through which member countries of the European Economic Community agree to maintain parity in exchange rates among their currencies. Limits are set on the amounts by which exchange rates may vary between any two currencies. If an exchange rate reaches the limit, the central banks of the two countries intervene in the market to ensure that

the limit is not exceeded.

ERS

An abbreviation for Economic Research Service. The Agriculture Department's ERS provides expertise, data, models and research information about the agricultural economies and policies of foreign countries, the agricultural trade and development relationships between foreign countries and the United States, and U.S. agricultural policies. Topics include: (a) agricultural trade and trade policies and their relationship to the economic, technical, and political factors affecting agricultural trade among countries; (b) economic and agricultural market structure, efficiency, and performance of foreign countries; (c) technical production systems of foreign countries; and (d) foreign governments' production, consumption, monetary, and trade policies.

ESA

An abbreviation for European Space Agency. The ESA designs and coordinates construction of satellite and launching systems. Members include: Austria, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland, and the United Kingdom.

ESAF

An abbreviation for Enhanced Structural Adjustment Facility. The ESAF is a system by which the International Monetary Fund loans concessional resources to assist poor countries. These countries have extended balance of payments deficits and pursue an orderly plans for correcting the deficits and promoting medium-term economic structural adjustment and macroeconomic programs. While similar to the Structural Adjustment Facility (SAF), ESAF has triple the resources available for supporting structural adjustment and monitors performance more closely.

ESCB

An abbreviation for European System of Central Banks. The ESCB, as envisioned by the Treaty of Maastricht, would be created for the primary purpose of maintaining price stability within the European Community. The ESCB would be composed of the European Central Bank and of the central banks of the Members States. It would be independent of national governments and Community authorities.

ESF

An abbreviation for Economic Stabilization Fund. The ESF is a fund used to stabilize the U.S. dollar in times of foreign exchange volatility. The fund is administered jointly by the Treasury Department and the Federal Reserve Board, through its New York offices. Fund resources, appropriated by Congress, are usually provided fifty percent by Treasury and the Fed. Although not a major role, the fund has also been used in swap agreements with other countries to support their currencies. The fund was established by the Gold Reserve Act of 1934.

Also: An abbreviation for Economic Support Fund. The ESF is an Agency for International Development appropriation account for funding economic assistance to countries based on considerations of economic and foreign policy interests of the United States, often in conjunction with military base rights or access rights agreements. Country allocations are determined by the State Department consistent with Congressional earmarks. To the extent possible, the use of ESF conforms to the basic policy directions underlying development assistance. Funds can be used for commodity imports, balance of payments support or as cash grants for budget support.

ESP

An abbreviation for Exporter's Sale Price. ESP is a statutory term used to refer to the United States sales prices of merchandise which is sold or likely to be sold in the United States, before or after the time of importation, by or for the account of the exporter. Certain statutory adjustments are made to permit a meaningful comparison with the foreign market value of such or similar merchandise, e.g., import duties, United States selling and administrative expenses, and freight are deducted from the United States price.

ETA

An abbreviation for European Technical Approval. An ETA is a favorable technical assessment of the fitness for use of a product for an intended use, based on the fulfillment of the essential requirements for building works for which the product is used, as provided for under the EC Construction Products Directive (89/106/EEC). A European technical approval may be granted to products for which there is neither a harmonized European standard, nor a recognized national standard, nor a mandate for a harmonized standard; and to product which differ significantly from harmonized or recognized national standards. Such approval permits free circulation of the products within the member countries of the European Community and the European Free Trade Association.

ETC

An abbreviation for Export Trading Company. An ETC is a company doing business in the United States principally to export goods or services produced in the United States or to facilitate such exports by unaffiliated persons. The ETC can be owned by foreigners and can import, barter, and arrange sales between third countries, as well as export. An ETC is demand-driven and transaction-oriented. Generally, an ETC takes title to the products involved, but may work on a commission basis.

ETSI

An abbreviation for European Telecommunications Standards Institute. ETSI was established in March 1988 in response to the inability of the European Conference of Postal and Telecommunications Administrations (CEPT) to keep up with the schedule of work on common European standards and specifications agreed to in the 1984 Memorandum of Understanding between CEPT and the EC. ETSI has a contractual relationship with the EC to pursue standards development for telecommunications equipment and services, and it cooperates with other European standards bodies such as CEN/CENELEC. ETSI membership includes the telecommunications administrations that constitute the CEPT as well as manufacturers, service providers, and users.

ETUC

An abbreviation for European Trade Union Confederation. ETUC, founded in 1973, is the primary organization which speaks for European trade unions. ETUC consists of more than 30 organizations in 20 Western European countries and has over 40 million members. The Confederation's principal goal is to influence European policies affecting workers; it is active with the European Community, the Council of Europe, the European Free Trade Association, and the OECD Trade Union Advisory Committee. ETUC headquarters are in Brussels, Belgium.

EU

An abbreviation for European Union. The EU is an umbrella reference to the European Community (EC) and to two European integration efforts introduce by the Maastricht Treaty: Common Foreign and Security Policy (including defense) and Justice and Home Affairs (principally cooperation between police and other authorities on crime, terrorism, and immigration issues). The term "European Union" was introduced in November 1993 (when the Maastricht Treaty on European Union entered into force). The term "European Community" (EC) continues to exist as a legal entity within the broader framework of the EU.

EUCLID

An abbreviation for European Cooperation for the Long-term in Defense. EUCLID is a coordinated defense R&D initiative which was approved in a June 1989 meeting of the Independent European Program Group (IEPG). EUCLID was designed to overcome deficiencies in European defense R&D spending, minimize individual nation's duplicative efforts, improve planning, and overcome legal and administrative obstacles.

EUREKA

An abbreviation for European Research Coordination Agency. The European Research Coordination Agency, EUREKA, coordinates advanced technology projects being carried out by European industry. The Agency was created in 1985; headquarters are in Brussels, Belgium; membership includes the European Community countries, plus Norway, Sweden, Finland, Switzerland, Austria, Iceland, and Turkey.

EURL

An abbreviation for Entreprise Unipersonnelle Responsabilite Limitëe. English: "sole ownership limited liability company") combines features of both a corporation and a partnership. This form of organization can be established with only one shareholder.

EXCEL

An abbreviation for Export Credit Enhanced Leverage. EXCEL, program was developed in 1990 by the World Bank in conjunction with a working group of the International Union of Credit and Investment Insurers (the Berne Union). The objective of EXCEL is to provide export credits at consensus rates for private sector borrowers in highly indebted countries, which would previously have been too great a risk for most agencies to cover.

EXIMBANK

An abbreviation for Export-Import Bank of the United States. Eximbank was chartered in 1934 as an independent agency to finance the export of U.S. goods and services. Eximbank offers four major export finance support programs: loans, guarantees, working capital guarantees, and insurance. Eximbank undertakes some of the risk associated with financing the production and sale of American-made goods; provides financing to overseas customers for American goods when lenders are not prepared to finance the transactions; and enhances a U.S. exporter's ability to match foreign government subsidies by helping lenders meet lower rates, or by giving financing incentives directly to foreign buyers. Eximbank's information hotline number is 1-800-424-5201.

EXW

An abbreviation for Ex Works. EXW at a named point of origin (examples are: ex factory, ex mill, ex warehouse). Under this term, the price quoted applies only at the point of origin and the seller agrees to place the goods at the disposal of the buyer at a specified place on the date or within the period fixed. All other charges are for the account of the buyer.