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  • V.C. - Valuation clause
  • V.L.C.C. - very large crude carrier
  • v.o.p. - Value as in original policy
  • V.T.S. - Vessel Traffic Systems
  • Value Added Counseling - Valued added counseling is defined as assessing a company's current international business operations and assisting a client in one or more of the following: (a) identifying and selecting the most viable markets; (b) developing an export market strategy; (c) implementing the export market strategy; and (d) increasing market presence.
  • Value Added Tax (VAT) - A tax which is assessed at each stage of production on the amount of value contributed at each stage to the final product.
  • Value Date - The date on which payment must be made by the named bank. This date is determined by the payee, the payer or the bank.
  • Variable Levy - A tariff subject to alterations as world market prices change, the alterations are designed to assure that the import price after payment of the duty will equal a predetermined "gate" price.
  • VAT - Value-Added Tax
  • Vd. - Valued
  • VER - Voluntary Export Restriction
  • Vertical Export Trading Company - An export trading company that integrates a range of functions taking products from suppliers to consumers.
  • vessel - Ship or boat.
  • VL - Variable Levy
  • VLCC - Very large crude carrier
  • VO-MTO - Vessel-operating multimodal transport operator
  • VOA - Voice of America
  • Voluntary Export Restriction - An understanding between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit its exports of a particular good. Also called voluntary restraint agreement.
  • Voluntary Restraint Agreement - Informal bilateral or multilateral understandings in which exporters voluntarily limit exports of certain products to a particular country destination in order to avoid economic dislocation in the importing country and the imposition of mandatory import restrictions. These arrangements do not involve an obligation on the part of the importing country to provide "compensation" to the exporting country, as would be the case if the importing country unilaterally imposed equivalent restraints on imports. See: Voluntary Export Restriction.
  • Voluntary Restraint Agreements (VRAs) - Generally, a bilateral arrangement whereby an exporting country agrees to reduce or restrict exports without the importing country having to make use of quotas, tariffs or other import controls. These agreements are generally undertaken to avoid action by the importing country against imports that may major or in some way threaten the positions of domestic firms in the industry in question.
  • VRA - Voluntary Restraint Agreement