Asia-Pacific Economic Cooperation (APEC): A forum of 21 Asia-Pacific economies (which includes US, China, Australia etc) focused on facilitating economic growth, interdependence, and trade.

Association of Southeast Asian Nations (ASEAN): Developed in 1967, ASEAN is an association of ten Southeast Asian countries which meet yearly to discuss economic growth and stability, and regional peace. ASEAN has engaged in a number of regional free trade agreements to support greater Asia/Pacific growth.

Balance of Trade: The difference between a nation's exports and imports. (i.e., more imports means trade deficit; more exports means trade surplus)

Bilateral Investment Treaty (BIT): US policy initiative with key investment countries to ensure that the terms, treatment and conditions of a foreign investment in a manner which ensures national treatment (same as a domestic company).

Developed Countries: A term used to categorize industrialized countries with matured economies and high Gross Domestic Product (GDP). These countries have advanced infrastructure in place and sophisticated technology.

Developing Countries: All non-developed countries are considered developing countries. Although these countries often are in a phase of economic development that looks promising, developing countries lack strong economies, infrastructure, or sophisticated technology.

Dispute Settlement Mechanism: A WTO-led process that gives countries the opportunity to bring cases against trade partners for rules violations

Doha Development Agenda (or Doha Round): A WTO multilateral trade negotiations that started in 2001 in Doha, Qatar. Negotiations have been continuous over the years, however, talks stalled in July 2008 when developing and developed countries could not agree on trade commitments regarding agricultural liberalization.

Dumping: The selling of a good in a foreign market at an unfair value (i.e., selling the good at a price less than domestic or production cost) in order to seek market advantage over a domestic producer.

Free Trade Agreement of the Americas: A free trade agreement that is currently being negotiation between all democratic countries in the western hemisphere. These negotiations have been ongoing since 1990 but have made little progress over differences in approaches between US-style trade policy and Mercosur (primarily Brazil) approaches.

Generalized System of Preferences or Trade Preference Program: When developed countries can give preferential (zero %) tariffs for imports from developing countries. Primarily promoted by the US and EU, these programs are designed to assist developing countries to engage in international trade which will in turn strengthen their domestic economies.

Intellectual property protection: Based on principles laid down by the WTO, intellectual property refers to domestic laws to protect trademark, copyright, patents and provide for enforcement (judicial and police) for violations

Jackson-Vanick: 1974 US Trade Act: Jackson-Vanik amendment is a program designed in the Cold War. It denied most-favored-nations trade status to non-market economies, i.e., communist countries in order to encourage more open emigration. Until the accession of China into the WTO, the U.S. was blocked by the Jackson-Vanik amendment to create normal trade relations (NTR) with China.

Market Access: The ability for companies/industries to sell into a third country without discriminatory restrictions.

Misc. Tariff Bill (MTB-duty suspensions): Miscellaneous Tariff Bills (MTBs) are a long-standing Congressional process by which companies can work with Members offices to submit bills that would eliminate tariffs on manufacturing inputs that are not made/available in the US.

Most Favored Nation Treatment or Permanent Normal Trade Relations (PNTR): In order to benefit from WTO membership, countries are required to give national treatment to all other WTO members. The US codifies this by passing PNTR status to new WTO ascendances – which the Congress has done for China and will need to do for Russia, when they become WTO members.

Nontariff Barriers: These are trade barriers not in the traditional form of tariffs. Examples include discriminator regulatory practices or customs treatment.

North American Free Trade Agreement (NAFTA): Signed in 1994, this agreement removes most barriers to trade and investment among the United States, Canada, and Mexico.

Strategic Economic Dialogue (SED): A government-to-government economic dialogue which allows two countries to facilitate and cooperate in the areas of trade and investment. A SED is a non binding bilateral agreement from which either party can withdraw.

Subsidy: A grant given by the government to support a specific domestic industry. Subsidies can be direct payments to a company, indirect loans from domestic banks or export rebates.

Swiss Formula: Within the Doha negotiations, a mathematical equation designed to codify non-agricultural market access (tariffs for all goods except agricultural products) by committing all countries to a specific percent reduction by a specific date. The formula numbers are still being negotiated pending progress on Doha.

Tariff/Duty: A tax enforced at customs. Tariffs are set in domestic budgets and then applied as a percentage of the volume of the good being imported (i.e., 15% tariff on polyethylene shipments into Country XX)

Trade Adjustment Assistance (TAA): A federal program designed to protect employees who are adversely affected by trade. Currently the TAA will consult, retrain, and assist in job search for those who have lost manufacturing jobs related to trade. – see backgrounder

Trade Deficit: When a nation's imports are greater than exports over a period of time. – see balance of trade

Trade and Investment Framework Agreement TIFA: A TIFA is an interim step by the US Trade Representative's office with key potential free trade partners. The TIFA covers a number of areas (or "chapters") critical to an FTA, like market access, investor protection, intellectual property protection. TIFA's are non-binding agreements that establish regular interaction between governments on these topics and can "pave the way" for FTA commitments.

Trade Policy Forum (TPF: US-India): A forum where the United States and India discuss trade and investment policy between the two nations.

Trade Promotion Authority (TPA) (Fast Track): A congressional legislation that allows all trade agreements to be considered for vote "as is" with no possibility of amendment. The purpose is to ensure confidence by trading partners that agreements negotiated with the executive branch will not be renegotiated by the Congress.

Transatlantic Economic Council (TEC): A trade body set up between the US and the EU to provide guidance and manage trade cooperation.

United States Trade Representative (USTR): A US government agency that directly interacts with foreign governments, business organizations, and interest groups to negotiate and create trade agreements, resolve disputes and participate in global trade policy organizations.

World Customs Organization (WCO): An intergovernmental organization focused exclusively on Customs issues. The WCO manages the technical aspects of the WTO Agreements on Customs Valuation and Rules of Origin.World Trade Organization (WTO): Created in 1995, the WTO is an intergovernmental organization which governs trade amongst member nations. Upon accession, all 153 member nations choose to abide by the rules and regulations of the WTO so that international trade flows smoothly and freely.

World Trade Organization (WTO): Created in 1995, the WTO is an intergovernmental organization which governs trade amongst member nations. Upon accession, all 153 member nations choose to abide by the rules and regulations of the WTO so that international trade flows smoothly and freely.