Here is Part “C” of my series, “International Trade Alphabet Soup” that will periodically list and provide context for key acronyms and international trade terms:
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CACM – Central American Common Market: Trade bloc established by Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua which have removed duties on most products moving within the bloc, unified tariffs on most non-CACM goods entering the region and harmonized customs requirements and procedures.
CAFTA – Central American Free Trade Agreement: The five Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua which are parties to the free trade agreement that also includes the United States and the Dominican Republic.
CAN – Communidad Andina: The Spanish acronym for the ANDEAN Community, a customs union comprising the South American countries of Bolivia, Colombia, Ecuador and Peru. As a customs union, the countries have opened their markets to each other’s goods and services and agreed on a Common External Tariff to be placed on goods arriving from third countries.
CAP – Common Agricultural Policy: The European Union’s common, unified policy on agriculture implemented as an integral pillar of European integration to ensure food security. Payments to European farmers under this policy have had a distorting effect on agricultural trade leading to several reforms to address these consequences.
CARIBCAN is the Canadian program that provides duty-free access into Canada for qualifying goods of Caribbean origin. A multilateral trade agreement is under negotiation to replace this preferential program.
CARICOM – Caribbean Community: An organization of fifteen full and five associate Caribbean member states. Thirteen member states are working to create the CARICOM Single Market & Economy.
CBERA – Caribbean Basin Economic Recovery Act of 1983: U.S. legislation launched the US Caribbean Basin Initiative (CBI) program that provides duty-free entry into the United States for most qualifying goods of Caribbean origin. (See also CBI).
CBI – Caribbean Basin Initiative: Comprises the US preferential trade programs for goods of Caribbean origin. (See also CBERA and CBTPA).
CBTPA – US-Caribbean Basin Trade Preference Act: Provides enhanced benefits for some Caribbean beneficiaries of the U.S. CBI program. (See also CBI).
CCLEC — Caribbean Customs Law Enforcement Council: Membership comprises 38 Customs administration from the Caribbean, Latin America, Canada, France, the Netherlands, Spain, the United Kingdom, and the United States of America.
CCT — Common Customs Tariff: A uniform tariff or duty rate that members of a customs union have agreed to impose on goods entering their trading bloc. (See also CET and CXT).
CET – Common External Tariff: A uniform tariff or duty rate that members of a customs union have agreed to impose on goods entering their trading bloc. (See also CCT and CXT).
CFIUS – (pronounced ‘sifius’) Committee on Foreign Investment in the United States: A US inter-agency committee that reviews the implications to US national security of transactions that could result in the control of a US business by a foreign person.
c.i.f. – cost, insurance and freight: International trade term included in contracts to indicate how the ocean transportation-related costs of goods are to be allocated between seller and buyer. C.I.F. means the seller pays to get the goods to the ship as well as insurance cost of the cargo and for freight up to the destination port.
CIS – Commonwealth of Independent States: A loose association twelve independent countries that had comprised republics of the former Union of Soviet Socialist Republics (USSR). Three of these countries, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan have formed the Eurasian Economic Community with the goal of creating a common market for free movement of goods and services.
CODEX — Codex Alimentarius Commission: Develops harmonized international food standards, guidelines, codes of practice and other recommendations related to foods, food production, and food safety.
COMESA – Common Market for Eastern & Southern Africa: A regional trading bloc of 19 African countries working to establish a common market for trade in goods and services.
CSI — Coalition of Service Industries: CSIs provide a forum to represent the interests of service industries domestically and in international trade negotiations. CSIs exist in a number of countries, including in the United States.
C-TPAT – Customs Trade Partnership Against Terrorism: A voluntary program of the US Customs and Border Protection (CBP) agency under which traders use CBP criteria to protect their supply chains, identify security gaps, and implement specific security measures and best practices. In return, CBP treats CBP partners as low?risk and therefore less subject to examination.
CXT — Common External Tariff: A uniform tariff or duty rate that members of a customs union have agreed to impose on goods entering their trading bloc. (See also CCT and CET).
Click here for “Parts A & B” containing key acronyms and international trade terms beginning with the letters “A” & “B”.
