Glossary of Customs and Trade Terms

I

IATA	International Air Transport Association
ICAO	International Civil Aviation Organisation – an agency responsible to the United Nations, based in Montréal, promoting safety, standards and procedures etc. in civil aviation
ICC	International Chamber of Commerce. The international body which promotes and facilitates world trade, and which codifies world trade practices in various publications.
ICJ	International Court of Justice
IGO	Intergovernmental organisation
ILC	International Law Commission
IMF	International Monetary Fund. An international financial institution proposed at the 1944 Bretton Woods Conference and established in 1946 that seeks to stabilize the international monetary system as a sound basis for the orderly expansion of international trade. Specifically, among other things, the Fund monitors exchange rate policies of member countries, lends them foreign exchange resources to support their adjustment policies when they experience balance of payments difficulties, and provides them financial assistance through a special ‘compensatory financing facility’ when they experience temporary shortfalls in commodity export earnings.
IMO	International Maritime Organization
Import/export duties and taxes	Customs duties and all other duties, taxes or charges which are collected on or in connection with the importation of goods, but not including any charges which are limited in amount to the approximate cost of services rendered or collected by the Customs on behalf of another national authority. (Kyoto Convention)
Import/export licence or permit	Authorization issued by a competent authority for the importation or exportation of goods subject to restriction. (WCO)
Importation	The act of bringing or causing any goods to be brought into a Customs territory. (WCO)
INCOTERMS	The recognized abbreviation for the International Chamber of Commerce Terms of Sale. These terms were last amended, effective Year 2000.
Indemnity Bond	An agreement to hold a carrier harmless with regard to a liability.
Infected area (for human health purposes)	Defined as geographical areas where human and/or animal vector-borne diseases are actively transmitted, as reported by local or national public health authorities or by the World Health Organization. Note:- A list of infected areas notified by health administrations is published in the World Health Organization’s Weekly Epidemiological Record. (ICAO Annex 9)
Inspection Certificate	A certificate issued by an independent agent or firm attesting to the quality and/or quantity of the merchandise being shipped. Such a certificate is usually required in a letter of credit for commodity shipments.
Insurance, ‘All Risk’	A clause included in marine insurance policies to cover loss and damage from external causes, such as fire, collision, pilferage, etc. but not against innate flaws in the goods, such as decay, germination, nor against faulty packaging or loss market, nor against war, strikes, riots, and civil commotion.
Insurance, General Average	In water transportation, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo. Those sharing in the spared cargo proportionately cover the loss.
Insurance, Marine	Broadly, insurance covering loss or damage of goods at sea. Marine insurance typically compensates the owner of merchandise for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier.
Intellectual Property rights	The rights relating to : - Literary, artistic and scientific works, - Performances of performing artists, phonograms and broadcasts, - Inventions in all fields of human endeavour, - Scientific discoveries, - Industrial designs, - Trademarks, service marks and commercial names and designations, - Protection against unfair competition, and all other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields. (WCO)
Intermodal	Used to denote movements of cargo containers interchangeably between transport modes, i.e., motor, water, and air carriers, and where the equipment is compatible within the multiple systems.
International Airport	Any airport designated by the Contracting State in whose territory it is situated as an airport of entry and departure for international air traffic, where the formalities incident to customs, immigration, public health, animal and plant quarantine and similar procedures are carried out. (ICAO Annex 9)
Investigation	An inquiry process conducted into an offence that has been committed, or where information suggests an offence has been or may be committed.
IP or IPR	Intellectual Property or Intellectual Property Rights
Irrevocable Letter of Credit	Letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee and which cannot be revoked without joint agreement of both the buyer and the seller.
ISO	International Standards Organisation
ISO	International Standards Organization. Worldwide organization formed to promote development of standards to facilitate the international carriage and exchange of goods and services. Governs construction specifications for ISO containers.
Istanbul Convention	The expression commonly used to refer to the Convention on temporary admission, adopted by the WCO in Istanbul in 1990. (WCO)
IT	Information Technology.