international trade

Accord broadly means agreement but has several specific legal uses.

Antitrust violations occur when antitrust laws, or laws protecting trade and commerce from abusive practices such as price-fixing, restraints, price discrimination, and monopolization, are broken. The three key federal statutes in Antitrust Law are Sherman Act Section 1, Sherman Act Section 2, and 

The Arms Export Control Act authorizes the President to control the import and export of defense articles and services. If the President chooses, they can issue a license to an individual or organization that wishes to export defense articles or services. Otherwise, exportation of these items is not permitted. Decisions on whether to issue an export license for the defense

Bilateral means two-sided and is frequently used to refer to agreements between two countries. For example, the United States and Australia have a Bilateral trade agreement limiting tariffs or other protectionist policies between the two nations. 

Bilateral investment treaties (BITs) are international agreements between two countries establishing the terms and conditions for private investment in each other’s territory by nationals and companies of one country to the other country.

• international law
• public international law
• international economic law

A bill of lading is a legal instrument used in the transportation and shipping industries which lists the goods being shipped and the terms under which they will be delivered. If the goods as delivered do not match the terms of the bill of lading, the transportation company can be liable for damages. 

Cap-and-trade is a system that limits aggregate emissions from a group of emitters by setting a “cap” on maximum emissions. It is characterized as a market-based policy to reduce overall emissions of pollutants and encourage business investment in fossil fuel alternatives and energy efficiency.

See: cap and trade.

[Last reviewed in November of 2024 by the Wex Definitions Team]

CIF is an abbreviation used for Cost, Insurance and Freight. CIF is an agreement in which the seller's quoted price includes insurance and all other costs up to a designated port of destination. The term is used in the context of maritime transport. 

The consulate is the office place of a consul, a representative of a foreign government in the host country. The consulate deals with a variety of issues which enhance the relationship between the two countries and provides bureaucratic support to both the citizens of the consul's own country traveling or living abroad, and to the citizens of the country the consul resides in who wish to travel to or trade with the consul's country.