Standard international trade classification

Standard international trade classification

(SITC) - A standard numerical code system developed by the United Nations to classify commodities used in international trade.

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Part of Speech: proper noun
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Industry/Domain: Economy
Category: International trade
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Related terms

Standard International Trade Classification

Economy; International economics

A classification system for traded goods that is used as the basis for recording and reporting data on exports and imports, and that is maintained by the United Nations Statistics ...

Standard International Trade Classification (SITC)

Transportation; Shipping

A standard numeric code developed by the United Nations to classify commodities used in international trade, based on a hierarchy.

United Nations Center for International Trade Law (UNCITRAL)

Economy; International trade

An international body that drafts model laws such as the one on government procurement.

Uruguay Round

Economy; International trade

Multilateral trade negotiations launched at Punta del Este, Uruguay in September 1986 and concluded in Geneva in December 1993. Signed by Ministers in Marrakesh, Morocco, in April ...

variable levy

Economy; International trade

Customs duty rate which varies in response to domestic price criterion.

voluntary restraint arrangement (VRA)

Economy; International trade

Bilateral arrangements whereby an exporting country (government or industry) agrees to reduce or restrict exports without the importing country having to make use of quotas, ...

waiver

Economy; International trade

Permission granted by WTO members allowing a WTO member not to comply with normal commitments. Waivers have time limits and extensions have to be justified.