Common Law



Common Law : Common Law




Common External Tariff = CXT - customs

A uniform tariff rate adopted by a customs union or common market such as the European Commu¬nity, to imports from countries outside the union. For ex¬ample, the European Common Market is based on the principle of a free internal trade area with a common ex¬ternal tariff (sometimes referred to in French as the Tarif Exterieur Commun—TEC) applied to products imported from nonmember countries. Free trade areas do not nec¬essarily have common external tariffs.


Common Law = Common Law - law

The body of law derived from usages, customs, and judicial decisions, as distinguished from statutes - civil law - stare decisis


Common Market - economics

A common market (as opposed to a free trade area) has a common external tariff and may allow for la¬bor mobility and common economic policies among the participating nations. The European Community is the most notable example of a common market.


Common Market for Eastern and Southern Africa = COMESA

(Formerly, the Preferential Trade Agreement for Eastern and Southern Africa - PTA). The PTA was founded in 1981 in order to improve commercial and economic coop¬eration in Eastern and Southern Africa; transform the structure of national economies in the region; promote re¬gional trade; support inter-country cooperation, coopera¬tion in agricultural development, and improvement of transport links. Accomplishments include: tariff reduc¬tions, multilateral trade, common travellers checks, a fed¬eration of chambers of commerce, a federation of commercial banks, and a commercial Arbitration board. The Common Market for Eastern and Southern Africa (COMESA) was formed by members of the PTA in 1995. COMESA has established a customs union that aims to abolish all tariff and non-tariff barriers among member states.

COMESA's members are: Angola, Burundi, Comoros, Democratic Republic of The Congo, Djibouti, Egypt, Eri¬trea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Sudan, Swaziland, Tanza¬nia, Uganda, Zambia, Zimbabwe,. Contact: COMESA; PO Box 30051; COMESA Centre; Ben Bella Road; Lu¬saka 10101, Zambia; Tel: [260] (1) 229726; Fax: [260] (1) 225107


Common Monetary Agreement

A regional economic alliance of South Africa, Lesotho, and Swaziland under which member states apply uniform exchange control regulations to ensure monetary order in the region. Funds are freely transferable among the three countries, and Lesotho and Swaziland have free access to South African capital markets. Lesotho also uses the South African currency, the rand. The CMA was formed in 1986 as a result of the renegotiation of the Rand Mone¬tary Agreement (RMA), which was originally formed in 1974 by the same member countries.


Common Point - shipping

A point (location) serviced by two or more transportation lines


Common Tariff - shipping

A tariff published by or for the account of two or more transportation lines as issuing carriers. See tariff.


Commonwealth

A free association of sovereign independent states that has no charter, treaty or constitution. The association pro¬motes cooperation, consultation, and mutual assistance among members. The British Commonwealth, the most notable example, included 54 states at the beginning of 2002.


Commonwealth of Independent States = CIS

An association of 11 republics of the former Soviet Union established in December 1991. The members include: Russia, Ukraine, Belarus (formerly Byelorussia), Moldova (formerly Moldavia), Armenia, Azerbaijan, Uzbekistan, Turkmenistan, Tajikistan, Kazakhstan, and Kyrgyzstan (formerly Kirghiziya). Georgia is presently an observer - the Baltic states did not join.


Communications Satellite Corporation - U.S.

COMSAT was established in 1963 under provision of the Communications Satellite Act of 1962. The legisla¬tion directed that COMSAT establish the world’s first commercial international satellite communications sys¬tem. The Act also stipulated that the company operate as a shareholder-owned “for-profit” corporation. COMSAT represents the U.S. in the International Telecommunica¬tions Satellite Organization (Intelsat)


Commuter Airline – shipping / logistics

An air carrier with a prescribed time schedule for a specific route. A commuter airline gener¬ally operates over short distances and serves remote loca¬tions and small airports.


Compagnie = Cie. - France, Luxembourg

General designation for a business organization


Company = Co - law

(a) An organization established to conduct business

(b) A legal entity established under the laws of a country, state, province or other administrative unit for the purpose of conducting business

(c) A generic and comprehensive term which may include sole proprietorships, individuals, partnerships, corporations, societies, associations and or¬ganizations established and operating to prosecute a com¬mercial, industrial or other legitimate business, enterprise or undertaking.


Comparative Advantage - economics

A central concept in international trade the¬ory which holds that a country or a region should special¬ize in the production and export of those goods and services that it can produce relatively more efficiently than other goods and services, and import those goods and ser¬vices in which it has a comparative disadvantage. This theory was first propounded by David Ricardo in 1817 as a basis for increasing the economic welfare of a popula¬tion through international trade. The comparative advan¬tage theory normally favors specialized production in a country based on intensive utilization of those factors of production in which the country is relatively well en¬dowed (such as raw materials, fertile land or skilled la¬bor) and perhaps also the accumulation of physical capital and the pace of research.


Compensatory Trade - economics

A form of countertrade where any combina¬tion of goods and services are bartered See countertrade.


Competitive Rate - shipping

Rate established by a transportation line to meet competition of another transportation line


Complementary Imports - economics

Imports of raw materials or products which a country itself does not possess or produce


Compliance

Conformity in satisfying official requirements - in¬formed compliance


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