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Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

Export-Import Bank

A federal agency, established in 1934, that encourages trade with foreign countries by financing exports and import, with funds borrowed from the U.S. Treasury. - Abbr. Ex-Im Bank.

Import

n. 1. A product brought into a country from a foreign country where it originated <imports declined in the third quarter>. See PARALLEL IMPORTS. 2. The process of bringing foreign goods into a country <the import of products affects the domestic economy in significant ways>. 3. The meaning; esp., the implied meaning <the court must decide the import of that obscure provision>. 4. Importance; significance <time will tell the relative import of Judge Posner's decisions in American law>.

Import-Export Clause.

U.S. Const. art. I, ยง 10, cl. 2, which prohibits states from taxing imports or exports. ( The Supreme Court has liberally interpreted this clause, allowing states to tax imports as long as the tax does not discriminate in favor of domestic goods. - Also termed Export Clause.

import duty

1. A duty on the importation of a product. 2. A duty on the imported product. - Also termed duty on import.

import letter o f credit

A commercial letter of credit issued by a domestic bank, at animporter's request, in favor of a foreign seller.

import letter of credit.

See LETTER OF CREDIT.

import quota

A restriction on the volume of a certain product that can be brought into the country from a foreign country. ( In the United States, the President may establish a quota on an item that poses a threat of serious injury to a domestic industry.

import quota.

See QUOTA.

importation.

The bringing of goods into a country from another country. import duty. See DUTY (4).

imported litigation.

One or more lawsuits brought in a state that has no interest in the dispute.

importer.

A person or entity that brings goods into a country from a foreign country and pays customs duties.

importune

ub. To solicit forcefully; to request persistently, and sometimes irksomely.

parallel imports.

Goods bearing valid trademarks that are manufactured abroad and imported into the United States to compete with domestically manufactured goods bearing the same valid trademarks. ( Domestic parties commonly complain that parallel imports compete unfairly in the U.S. market. But U.S. trademark law does not prohibit the sale of most parallel imports. - Also termed graymarket goods. See gray market under MARKET.