Here is Part “E” of my series, “International Trade Alphabet Soup” that will periodically list and provide context for key acronyms and international trade terms:
EAA — Export Administration Act (United States) of 1979 which provided legal authority to the US President to control U.S. exports for reasons of national security and/or foreign policy and is enforced today through the annual invocation of Presidential authority under the International Emergency Economic Powers Act.
EAC — Eastern African Community is the regional intergovernmental organisation and trade bloc comprising the Republics of Burundi, Kenya, Rwanda, the United Republic of Tanzania, and the Republic of Uganda, headquartered in Arusha, Tanzania.
EAC – Export Assistance Centers are an arm of the US Small Business Association, functioning as local one-stop shops around the U.S. to provide export assistance for small- or medium-sized businesses.
EADB – East African Development Bank is the apex financial institution of the East African Community (see EAC above), providing development finance and, through the East African Community Development Fund, development support for the member states and for the regional integration process.
EAEC – East Asia Economic Caucus or East Asian Economic Group (EAEG) was a proposed free trade zone comprising East Asian and Southeast Asian countries, suggested by then Malaysian Prime Minister Mahathir bin Mohamad, to be led by Japan as a counterweight to the European Union (EU) and the North American Free Trade Agreement (NAFTA). This proposal never came to fruition.
EAI — Enterprise for the Americas Initiative was launched by U.S. President George H.W. Bush in 1990 to expand investment and provide debt relief for Latin American and Caribbean countries.
EAR — Export Administration Regulations (United States) are administered by the Bureau of Industry & Security (BIS) of the US Department of Commerce to regulate the export of goods and services developed for commercial use but which also have some military or national security application (dual-use items).
EBA — Everything But Arms is a European Union (EU) trade strategy that grants duty-free and quota-free (DF/QF) access to the EU internal market to all products, with the exception of armaments, originating in the world’s 48 least developed countries (LDCs).
EBRD — European Bank for Reconstruction and Development was established in 1991 to promote transition from centrally-run to market-oriented economies in the countries of central and eastern Europe and Central Asia about the sustainability of the financial system which it is promoting in the transition countries.
ECB — European Central Bank manages the monetary system and single currency, the euro, for the European Union.
ECCAS — Economic Community of Central African States being formed by members of the Customs and Economic Union of Central African States (UDEAC) – who in 1983 committed to form an economic community of Central African States to promote and strengthen the countries’ economic and social development.
ECCN — Export Control Classification Number is a five-character alpha-numeric designation used on the Commerce Control List (CCL) to identify dual-use items for export control purposes. An ECCN categorizes items based on the nature of the product, i.e. type of commodity, software, or technology and its respective technical parameters.
ECJ — European Court of Justice interprets the law of the European Union (see below) to make sure it is applied in the same way in all member states, and settles legal disputes between EU governments and EU institutions. Individuals, companies or organisations can also bring cases before the Court if they feel their rights have been infringed by an EU institution.
ECLAC — Economic Commission for Latin America and the Caribbean (Spanish acronym is CEPAL) is one of the five regional commissions of the United Nations with the mission of contributing to the economic and social development of the countries of Latin America and the Caribbean.
ECOWAS — Economic Community of West African States is a regional group of fifteen West African countries, founded in 1975 with the mission of promoting regional economic integration. The English and French-speaking countries share a common currency, have eliminated tariffs on imports from member countries and unified tariffs on third-country goods entering the region (a customs union.
ECSC — European Coal and Steel Community was established by treaty in 1952 to integrate the coal and steel industries of western Europe and created the foundation for today’s European Union (see below).
ECO — Economic Cooperation Organisation is an intergovernmental regional organization comprising established in 1985 by Iran, Pakistan and Turkey for the purpose of promoting economic, technical and cultural cooperation among the Member States. In 1992 membership expanded to include the Islamic Republic of Afghanistan, four Central Asian countries from the former Soviet Union — Kyrgyz Republic (or Kyrzystan), Republic of Tajikistan, Turkmenistan, and the Republic of Uzbekistan – and the Republic of Azerbaijan from the Caucasus region of the former Soviet Union.
EEA — European Economic Area unites the member states of the European Union (see below) and the three members of the European Free Trade Area (EFTA) (see below) into an internal market governed by the same rules.
EEC — European Economic Community was created by treaty in 1957 and is today the European Union (see below).
EFTA — European Free Trade Association is a trade bloc comprising the European countries of Iceland, Liechtenstein, Norway, and Switzerland. The EFTA’s trade relations with the European Union are managed through the European Economic Area.
EIB — European Investment Bank is a non-profit lending institution whose shareholders are the member states of the European Union (EU) and which works closely with other EU institutions to implement policy to achieve integration and social cohesion.
ELAN — Export Legal Assistance Network is a US-based network of attorneys in private law firms who provide an initial free legal consultation to U.S. companies entering the export market.
EPZ — Export Processing Zone is a designated area within a country where operating firms benefit from government incentives aimed at encouraging exports. Such incentives typically include duty-free imports and other tax concessions as well as access to streamlined government services and centralized infrastructure. They may also be called development economic zones or special economic zones.
ESCAP —Economic and Social Commission for Asia and the Pacific is the regional development arm of the United Nations for the Asia-Pacific region. Headquartered in Bangkok, Thailand, ESCAP works to overcome some of the region’s greatest challenges by providing technical assistance and capacity building to member states.
ESCWA —Economic and Social Commission for Western Asia is the regional development arm of the United Nations for 17 Arab countries in Western Asia with the purpose of raising the level of economic activity in member countries and strengthening regional cooperation.
EU — European Union is the political and economic union of European countries (currently 28) that have established a single internal market in which goods and services circulate freely and, where most members share a common currency, the euro. While EU members remain independent countries, they have delegated policymaking authority in key areas to EU-wide institutions (e.g. see EC, ECB, ECJ, EIB above) including a European Parliament to support the operation and growth of the European single market.
EXW — Ex-works is an international trade term requiring the seller/exporter to deliver goods at his or her own place of business with all other transportation costs and risks assumed by the buyer/importer.
EX-IM — a common acronym for Export-Import Banks, which provide trade financing to a country’s exporters. The Export-Import Bank of the United States, for example, provides working capital guarantees, export credit insurance, as well as loan guarantees and direct loans to support the export of US goods and services.