Here is Part “B” of my series, “International Trade Alphabet Soup” that will periodically list and provide context for key acronyms and international trade terms:
BAR – Buy American Restrictions: The Buy American Act of 1933 restricts the purchase of non-US goods and services by the US Government. The American Recovery and Reinvestment Act of 2009, enacted as a stimulus to the faltering American economy required all of the iron, steel and manufactured goods used in a public works project funded under the Act to be American-made. Exceptions are made in some cases for developing countries.
BIS – Bureau of Industry & Security: US agency located within the Department of Commerce which regulates the export of high technology and other sensitive goods of US origin that may be used for either peaceful or military purposes. The agency maintains a Commerce Control List (CCL) containing a list of items and services that may require a license from BIS before they can be exported or re-exported.
BIT – Bilateral Investment Treaty: An agreement signed between two countries to establish the terms and conditions for private investment in each other’s countries. The International Centre for the Settlement of Investment Disputes (ICSID) maintains a database on BITS signed since the early 1970s.
BXA – Bureau of Export Administration: This is the former name of the Bureau of Industry and Security (see above).
Click here for Trade Alphabet Soup, “Part A” containing key acronyms and international trade terms beginning with the letter “A”.