Trade Terms Tuesday

Welcome to Trade Terms Tuesday! Each Tuesday, we share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports, and one for logistics/transportation. This week, we continue with the I’s.


Intermodal
The use of more than one mode of transportation for a journey. A container may be shipped by multiple modes such as ocean, rail and truck.


Intellectual Property
Term that describes inventions or other discoveries that have been registered with government authorities for the sale or use by their owner. Intellectual property rights are the ownership of the right to possess, otherwise use or dispose of products created by human ingenuity.


Intent to Deny (ITD) Letter
A letter informing the license applicant:(a) Of the reason for BIS's decision to deny a license application; and(b) That the application will be denied 45 days from the date of the ITD letter, unless the applicant provides, and BIS accepts, a reason why the application should not be denied for the stated reason.

Priority Trade Initiatives

As most of the trade community may have noticed, U.S. Customs and Border Protection has been updating their web site. It may take a little extra effort to find some of the information and get used to the new format, but in time, we will enjoy the new features and expanded information. One of the new areas created during the update is the Priority Trade Issues (PTI). PTIs are identified as high-risk areas that are likely to cause significant revenue loss, economic risk to U.S. industry or health and safety concerns to citizens.

Currently, the following seven areas are identified as PTIs:

• Agriculture


• Antidumping and Countervailing Duties


• Import Safety


• Intellectual Property Rights


• Penalties


• Revenue


• Textiles

Click HERE to learn more about each PTI.