| IS-LM-BP Diagram |  |
| IADB | Inter-American Development Bank |
| IBRD | International Bank for Reconstruction & Development |
| ICA | International commodity agreement |
| Iceberg transport cost | A cost of transporting a good that uses up only some fraction of the good itself, rather than using any other resources. Based on the idea of floating an iceberg, which is costless except for the amount of the iceberg itself that melts. It is a very tractable way of modeling transport costs since it impacts no other market. Due to Samuelson (1954). |
| ICOR | Incremental capital output ratio |
| ICP | International Comparison Program |
| ICSID | International Centre for Settlement of Investment Disputes |
| IDA | International Development Association |
| IDB | Inter-American Development Bank |
| Identical preferences | The assumption that individuals -- either within a country or in different countries -- have the same preferences. To be useful, since individuals' and countries' incomes may differ, the assumption is often used together with homothetic preferences. |
| IFC | International Finance Corporation |
| IFI | International financial institution |
| IIT | Intraindustry trade |
| ILO | International Labor Organization |
| Imbalance |
1. Any departure from equality.
2. In the balance of payments, any surplus or deficit. |
| IMF | International Monetary Fund |
| IMF Quota | The amount of money that each IMF member country is required to contribute to the institution, partly in their own currency and partly in U.S. dollars, gold, or other member-country currencies. A country's quota is based upon the country's GDP. Countries have voting power in the IMF in proportion to their IMF quotas. |
| Immigration | The migration of people into a country. |
| Immiserizing growth | Economic growth that makes the country worse off. Bhagwati (1958) coined this term for growth that expands exports and worsens the terms of trade sufficiently that real income falls. Johnson (1955) had shown that a market distorted by a tariff could lose from growth and had also, independently, worked out conditions for Bhagwati's result. |
| Impairment | See nonviolation |
| Imperfect capital mobility | Any departure from perfect capital mobility, permitting interest rates or returns to capital to differ between countries. |
| Imperfect competition | Any departure from perfect competition. However, imperfect competition usually refers to one of the market structures other than perfect competition. |
| Imperfectly competitive | Refers to an economic agent (firm or consumer), group of agents (industry), model, or analysis that is characterized by imperfect competition. Contrasts with perfectly competitive. |
| Implicit price deflator | A broad measure of prices derived from separate estimates of real and nominal expenditures for GDP or a subcategory of GDP. Without qualification the term refers to the GDP deflator and is thus an index of prices for everything that a country produces, unlike the CPI, which is restricted to consumption and includes prices of imports. |
| Implicit tariff |
1. Tariff revenue on a good or group of goods, divided by the corresponding value of imports. Often lower than the official or statutory tariff, due both to PTAs and to failures in customs collection.
2. The difference between the price just inside a border and the price just outside it, especially in the case of a good protected by an import quota. |
| Import |
1. A good that crosses into a country, across its border, for commercial purposes.
2. A product, which might be a service, that is provided to domestic residents by a foreign producer. 3. To cause a good or service to be an import under definitions 1 and/or 2. |
| Import authorization | The requirement that imports be authorized by a special agency before entering a country, similar to import licensing. |
| Import bias |
1. Any bias in favor of importing.
2. Applied to growth, it tends to mean a bias against importing, and against trading more generally. Thus growth that is based disproportionately on accumulation of the factor used intensively in the import-competing industry and/or technological progress favoring that industry. |
| Import-competing | Refers to an industry that competes with imports. That is, in a two-good model with trade, one good is the export good and the other is the import-competing good. |
| Import demand elasticity | The elasticity of demand for imports with respect to price. |
| Import duty | A tariff on imports. |
| Import elasticity | Usually means the import demand elasticity. |
| Import-export company | A firm whose business consists mainly of international trade: buying goods in one country and selling them in another, thus both exporting and importing. Same as export-import company. |
| Import license | The license to import under an import quota or under exchange controls. |
| Import licensing | See licensing. |
| Import parity price | A price charged for a domestically produced good that is set equal to the domestic price of an equivalent imported good -- thus the world price plus transport cost plus tariff. |
| Import penetration | A measure of the importance of imports in the domestic economy, either by sector or overall, usually defined as the value of imports divided by the value of apparent consumption. |
| Import price index | Price index of the goods that a country imports. |
| Import promotion | Any policy that encourages imports. A policy of export promotion generally has the side effect of stimulating imports as well. Today the term is more commonly used for policies used by developed countries intended to assist developing countries in exporting to them. |
| Import propensity | The marginal propensity to import (or sometimes the average propensity, if they are different). |
| Import protection | See protection. |
| Import quota | See quota. |
| Import relief | Usually refers to some form of restraint of imports in a particular sector in order to assist domestic producers, and with the connotation that these producers have been suffering from competition with imports. If done formally under existing statutes, it is administered protection, but it may also be done informally using a VER. |
| Import substitute | A good produced on the domestic market that competes with imports, either as a perfect substitute or as a differentiated product. |
| Import substituting industrialization | A strategy for economic development based on replacing imports with domestic production. (ISI) |
| Import substitution | A strategy for economic development that replaces imports with domestic production. It may be motivated by the infant industry argument, or simply by the desire to mimic the industrial structure of advanced countries. Contrasts with export promotion. |
| Import surcharge | A tax levied uniformly on most or all imports, in addition to already-existing tariffs. |
| Import surveillance | The monitoring of imports, usually by means of automatic licensing. |
| Import-weighted average tariff | See trade weighted average tariff. |
| Imports | The quantity or value of all that is imported into a country. |
| Impossible trinity | The impossibility of combining all three of the following: monetary independence, exchange rate stability, and full financial market integration. |
| Impost | A tax or tariff. (This is not a commonly used word.) |
| Improve the terms of trade | To increase the terms of trade; that is, to increase the relative price of exports compared to imports. Because it represents an increase in what the country gets in return for what it gives up, this is associated with an improvement in the country's welfare, although whether that actually occurs depends on the reason prices change. |
| Improve the trade balance | This conventionally refers to an increase in exports relative to imports, which thus causes the balance of trade to become larger if positive or smaller if negative. The terminology ignores that exports drain resources while imports satisfy domestic needs, and reflects instead the association of exports with either accumulation of wealth or jobs. |
| In kind | Referring to a payment made with goods instead of money. |
| Income |
1. The amount of money (nominal or real) received by a person, household, or other economic unit per unit time in return for services provided or goods sold.
2. National income. 3. The return earned on an asset per unit time. |
| Income disparity | Inequality of income, usually referring to differences in average per capita incomes across countries. |
| Income distribution | A description of the fractions of a population that are at various levels of income. The larger are the differences in income, the "worse" the income distribution is usually said to be, the smaller the "better." International trade and factor movements can alter countries' income distributions by changing prices of low- and high-paid factors. |
| Income effect | That portion of the effect of price on quantity demanded that reflects the change in real income due to the price change. Contrasts with substitution effect. |
| Income elastic | Having an income elasticity greater than one. |
| Income elasticity | Normally the income elasticity of demand; that is, the elasticity of demand with respect to income. |
| Income inelastic | Having an income elasticity less than one. |
| Income redistribution argument for a tariff | The argument that tariffs should be used in order to redistribute income towards the poor. In a rich country, where unskilled labor is the scarce factor, this can make sense as explained in the Stolper-Samuelson Theorem, but it is a second-best argument. |
| Incomplete information | See complete information. |
| Incomplete specialization | Production of goods that compete with imports. |
| INCOTERMS | International commercial terms; that is, the language of international commerce. |
| Increasing opportunity cost | The characteristic of an economy that the opportunity cost of a good rises as it produces more of it, resulting in a transformation curve that is concave to the origin. In the HO Model, this happens in spite of CRTS if sectors have different factor intensities. |
| Increasing returns to scale | A property of a production function such that changing all inputs by the same proportion changes output more than in proportion. Common forms include homogeneous of degree greater than one and production with constant marginal cost but positive fixed cost. Also called economies of scale, scale economies, and simply increasing returns. Contrasts with decreasing returns and constant returns. |
| Incremental capital output ratio | The amount of additional capital that a developing country requires to increase its output by one unit; thus the reciprocal of the marginal product of capital. Used as an (inverse) indicator of how efficiently a country is using the scarce capital it acquires. |
| Indebtedness | The amount that is owed; thus amount of an entity's (individual, firm, or government's) financial obligations to creditors. |
| Index | A quantitative measure, usually of something the measurement of which is not straightforward, such as an average of many diverse prices, or a concept such as economic development or human rights. |
| Index number | A numerical index, usually indicating, by comparison with a base value of 100, the size of the index relative to a base year or other benchmark for comparison. Thus, for example, a CPI of 115 in 2004 with a base year of 1999 means that prices have risen 15% from 1999 to 2004. |
| Index number problem | A question the answer to which depends on a choice of weights. E.g., the effect of trade on the real wage of labor in the specific factors model is an index number problem, depending on how much workers consume of (lower-priced) imported and (higher-priced) exported goods. |
| Index of openness | Openness index |
| Indifference curve | A means of representing the preferences and well being of consumers. Formally, it is a curve representing the combinations of arguments in a utility function that yield a given level of utility. |
| Indirect exchange rate | The foreign-currency price of a unit of domestic currency. (This definition appears in several places, but it is a mystery to me why this is any less direct than its reciprocal.) |
| Industrial concentration | The extent to which a small number of firms dominates an industry, often measured by a concentration ratio or by a Herfindahl index. Concentration is, in effect, the opposite of competition, although in an open economy imports complicate the relationship. |
| Industrial policy | Government policy to influence which industries expand and, perhaps implicitly, which contract, via subsidies, tax breaks, and other aids for favored industries. The purpose, aside from political favor, may be to foster competitive advantage where there are beneficial externalities and/or scale economies. |
| Industrialization | The establishment and subsequent growth of industrial production in a country, usually meaning heavy manufacturing. |
| Inelastic | Having an elasticity less than one. For a price elasticity of demand, this means that expenditure falls as price falls. For an income elasticity it means that expenditure share falls with rising income. Contrasts with elastic and unit elastic. |
| Inelastic offer curve | An offer curve with inelastic demand for imports. That inelasticity implies that exports decline as imports increase, and it therefore means that the offer curve is backward bending. Strictly speaking, the natural definition of an offer curve's elasticity would be negative in this case, not just less than one, but that definition is seldom used. |
| Inequality | Differences in per capita income or household income across populations within a country or across countries. |
| Infant industry argument | The theoretical rationale for infant industry protection. |
| Infant industry protection | Protection of a newly established domestic industry that is less productive than foreign producers. If productivity will rise with experience enough to pass Mill's and Bastable's tests, there is a second-best argument for protection. The term is very old, but a classic treatment may be found in Baldwin (1969). |
| Inferior good | A good the demand for which falls as income rises. The income elasticity of demand is therefore negative. |
| Inflation | Increase in the overall price level of an economy, usually as measured by the CPI or by the implicit price deflator. |
| Inflation adjusted | Adjusted for inflation. |
| Inflation rate | The percentage increase in the price level per year. See inflation. |
| Infrastructure | The facilities that must be in place in order for a country or area to function as an economy and as a state, including the capital needed for transportation, communication, and provision of water and power, and the institutions needed for security, health, and education. |
| Injury | Harm to an industry's owners and/or workers. Import protection under the safeguards, AD, and CVD provisions of the GATT require a finding of serious (for safeguards) or material (for AD/CVD) injury (as determined by, in the U.S., the ITC). Known as the injury test. |
| Innovation | The creation or introduction of something new, especially a new product or a new way of producing something. |
| Input-output | Refers to the structure of intermediate transactions among industries, in which one industry's output is an input to another, or even to itself. |
| Input-output table | A table of all inputs and outputs of an economy's industries, including intermediate transactions, primary inputs, and sales to final users. As developed by Wassily Leontief, the table can be used to calculate gross outputs and primary factor inputs needed to produce specified net outputs. Leontief (1954) used this to find the factor content of U.S. trade, generating the Leontief Paradox |
| Instability | The property of not being stable; thus, moving around over time, and/or uncertain in its movement over time. |
| Instrument |
1. An economic variable that is controlled by policy makers and can be used to influence other variables, called targets. Examples are monetary and fiscal policies used to achieve external and internal balance.
2. See financial instrument. |
| Integrated World Economy | A hypothetical, theoretical benchmark in which both goods and factors move costlessly between countries. The IWE is associated with a rectangular diagram depicting allocation of factors to countries, showing conditions for FPE. The name was coined by Dixit and Norman (1980), but the concept and technique was introduced by Travis (1964). |
| Integration | Economic integration refers to reducing barriers among countries to transactions and to movements of goods, capital, and labor, including harmonization of laws, regulations, and standards. Common forms include FTAs, customs unions, and common markets. Sometimes classified as shallow integration vs. deep integration. |
| Intellectual property | Products of the mind, such as inventions, works of art, music, writing, film, etc. |
| Intellectual property protection | Laws that establish and maintain ownership rights to intellectual property. The principal forms of IP protection are patents, trademarks, and copyrights. |
| Intellectual property right | The right to control and derive the benefits from something one has invented, discovered, or created. |
| Intensive | Of production, using a relatively large amount of an input. See factor intensity. |
| Inter-American Development Bank | A development bank for the countries of Latin America and the Caribbean. |
| Interbank rate | The rate of interest charged by a bank on a loan to another bank. See LIBOR. |
| Interdependence | See economic interdependence. |
| Interest | The amount paid by a borrower to a lender above the amount (the principal) that has been borrowed. |
| Interest arbitrage | A form of arbitrage intended to profit from a difference in interest rates in different markets. It consists of simultaneously borrowing at the low interest rate and lending at the higher interest rate in order to profit from the difference. If done in two different currencies, it may be covered or uncovered. |
| Interest bearing account | An account in a bank or other financial institution that pays interest to the depositor. |
| Interest equalization tax | A tax levied between 1963 and 1974 by the United States of 15% on interest received from foreign borrowers, intended to discourage capital outflows. |
| Interest parity | Equality of returns on otherwise identical financial assets denominated in different currencies. May be uncovered, with returns including expected changes in exchange rates, or covered, with returns including the forward premium or discount. Also called interest rate parity. |
| Interest rate | The rate of return on bonds, loans, or deposits. When one speaks of "the" interest rate, it is usually in a model where there is only one. |
| Interest rate parity | Interest parity |
| Interindustry trade | Trade in which a country's exports and imports are in different industries. Typical of models of comparative advantage, such as the Ricardian Model and Heckscher-Ohlin Model. Contrasts with intraindustry trade. |
| Intermediate good | Same as intermediate input. |
| Intermediate input | An input to production that has itself been produced and that, unlike capital, is used up in production. As an input it is in contrast to a primary input and as an output it is in contrast to a final good. A very large portion of international trade is in intermediate inputs. |
| Intermediate transaction | The sale of a product by one firm to another, presumably to be used as an intermediate input. |
| Intermittent dumping | Dumping that occurs for short periods of time, presumably to dispose of temporary surpluses of goods and not intended to eliminate competition. Same as sporadic dumping. |
| Intermodalism | The use of more than one form (mode) of transportation, as when a shipment travels by both sea and rail. |
| Internal balance | A target level for domestic aggregate economic activity, such as a level of GDP that minimizes unemployment without being inflationary. See the assignment problem. Contrasts with external balance. |
| Internal debt | The amount owed by a country to, in effect, itself. It includes, for example, the portion of the government debt that is denominated in the country's own currency and held by domestic residents. |
| Internal economies of scale | Economies of scale that are internal to a firm; that is, the firm's average costs fall as its own output rises. Likely to be inconsistent with perfect competition. Contrasts with external economies of scale. |
| Internal market | Term used for a target of European integration, which would remove all barriers between national markets so that they would become, in effect, a single European market. |
| Internalization | One of the three pillars of the OLI paradigm for understanding FDI and the formation of multinational enterprises, this refers to the advantage that a firm derives from keeping multiple activities within the same organization. |
| Internalize | To cause, usually by a tax or subsidy, an external cost or benefit of someone's actions to be experienced by them directly, so that they will take it into account in their decisions. |
| International | Involving transactions or relations between nations. The term, according to Suganami (1978), was coined by Bentham (1789). |
| International adjustment process |
1. Any mechanism for change in international markets.
2. The mechanism by which payments imbalances diminish under pegged exchange rates and nonsterilization. Similar to the specie flow mechanism, exchange-market intervention causes money supplies of surplus countries to expand and vice versa, leading to price and interest rate changes that correct the current and capital account imbalances. |
| International Bank for Reconstruction & Development | The largest of the five institutions that comprise the World Bank Group, IBRD provides loans and development assistance to middle-income countries and creditworthy poorer countries. |
| International Centre for Settlement of Investment Disputes | One of the five institutions that comprise the World Bank Group, ICSID provides facilities for the settlement - by conciliation or arbitration - of investment disputes between foreign investors and their host countries. |
| International Cocoa Organization | An intergovernmental organization set up in 1973 to administer the International Cocoa Agreement, the most recent version of which was negotiated in 2001. See international commodity agreement. |
| International Coffee Organization | An intergovernmental organization set up in 1963 that administers the International Coffee Agreement. See international commodity agreement. |
| International commodity agreement | An agreement among producing and consuming countries to improve the functioning of the global market for a commodity. May be administrative, providing information, or economic, influencing world price, usually using a buffer stock to stabilize it. ICAs are overseen by UNCTAD. |
| International Comparison Program | A program currently coordinated by the World Bank to gather extensive information about prices in many countries so as to ascertain the purchasing power of their currencies and thus permit international comparisons of real incomes. |
| International competitiveness | See competitiveness. |
| International Cotton Advisory Committee | An association of governments dealing with cotton. It grew out of an International Cotton Meeting in 1939. See international commodity agreement. |
| International Development Association | One of the five institutions that comprise the World Bank Group, IDA provides interest free loans and other services to the poorest countries. |
| International economics | The study of economic interactions among countries -- including trade, investment, financial transactions, and movement of people -- and the policies and institutions that influence them. |
| International exhaustion | See exhaustion. |
| International factor movement | The international movement of any factor of production, including primarily labor and capital. Thus includes migration and foreign direct investment. Also may include the movement of financial capital in the form of international borrowing and lending. |
| International finance | The monetary side of international economics, in contrast to the real side, or real trade. Often called also international monetary economics or international macroeconomics, each term has a slightly different meaning, and none seems entirely right for the entire field. "International finance" is best for the study of international financial markets including exchange rates. |
| International Finance Corporation | One of the five institutions that comprise the World Bank Group, IFC promotes growth in the developing world by financing private sector investments and providing technical assistance and advice to governments and businesses. |
| International financial institution | Usually refers to intergovernmental organizations dealing with financial issues, most often the IMF and/or the World Bank. |
| International Fisher Effect | The theory that exchange-rate changes will match, or be expected to match, international differences in nominal interest rates. It follows from the (domestic) Fisher Effect together with purchasing power parity. |
| International Grains Council | An intergovernmental organization, concerned with grains trade, that administers the Grains Trade Convention of 1995. See international commodity agreement. |
| International institution | An organization established by multiple national governments, usually to administer a program or pursue a purpose that the governments have agreed upon. |
| International investment |
1. International capital movement
2. Foreign direct investment. |
| International Jute Organization | The organization set up in 1984 to implement the International Agreement on Jute and Jute Products, 1982, now called the International Jute Study Group. See international commodity agreement. |
| International Labor Organization | A United Nations specialized agency that establishes and monitors compliance with international standards for human and labor rights. |
| International Lead and Zinc Study Group | The international organization formed in 1959 to share information about lead and zinc. See international commodity agreement. |
| International liquidity | Refers to the adequacy of a country's international reserves. |
| International macroeconomics | Same as international finance, but with more emphasis on the international determination of macroeconomic variables such as national income and the price level. |
| International monetary economics | Same as international finance, but with more emphasis on the role of money and less on other financial assets. |
| International Monetary Fund | An organization formed originally to help countries to stabilize exchange rates, but today pursuing a broader agenda of financial stability and assistance. As of June 2007, it had 185 member countries. |
| International Olive Oil Council | The intergovernmental organization in charge of administering the International Olive Oil Agreement, which originated in 1956. See international commodity agreement. |
| International Organization for Migration | International organization assisting migrants and the management of migration. |
| International parity conditions | Refers collectively to purchasing power parity and interest parity. |
| International political economy | A field of study within social science, especially political science, that addresses the interrelationships between international economics and political forces and institutions. |
| International reserves | The assets denominated in foreign currency, plus gold, held by a central bank, sometimes for the purpose of intervening in the exchange market to influence or peg the exchange rate. Usually includes foreign currencies themselves (especially US dollars), other assets denominated in foreign currencies, gold, and a small amount of SDRs. |
| International Rubber Study Group | An intergovernmental organization, founded in 1944, that provides a forum for the discussion of matters affecting the supply and demand for both synthetic and natural rubber. See international commodity agreement. |
| International specialization | See specialization. |
| International Sugar Organization | An intergovernmental body that administers the International Sugar Agreement of 1992. See international commodity agreement. |
| International trade | See trade. |
| International Trade Administration | A part of the United States Department of Commerce, the ITA acts on behalf of U.S. businesses in global competition. In trade policy, its Import Administration has the duty of determining whether imports are dumped or subsidized. |
| International Trade Commission | An independent, quasi-judicial federal agency of the U.S. government that provides information and expertise to the legislative and executive branches of government and directs actions against unfair trade practices. In trade policy, its commissioners assess injury in cases filed under the escape clause, anti-dumping, and countervailing duty statutes. |
| International Trade Organization | Conceived as a complement to the Bretton Woods institutions -- the IMF and World Bank -- the ITO was to provide international discipline in the uses of trade policies. The Havana Charter for the ITO was not approved by the United States Congress, however, and the initiative died, replaced by the continuing and growing importance of the GATT. |
| International Tropical Timber Organization | An organization created in 1983 for consultation among producers and consumers of tropical timber. An objective was that all timber traded by members should originate from sustainably managed forests. |
| Internationalization | Another term for fragmentation. Used by Grossman and Helpman (1999). |
| Intertemporal | Occurring across time, or across different periods of time. |
| Intertemporal trade | Trade across time, as when a country imports in one time period paying for the imports with exports in a different time period, earlier or later. An imbalance in the balance of trade is presumed to reflect intertemporal trade. |
| Intervention | See exchange market intervention. |
| Intervention currency | A currency that is commonly used by central banks for exchange market intervention. See reserve currency. |
| Intraindustry trade | Trade in which a country exports and imports in the same industry, in contrast to interindustry trade. Ubiquitous in the data, much IIT is due to aggregation. Can be horizontal or vertical. Grubel and Lloyd (1975) wrote the book on IIT. |
| Intra-mediate trade | Another term for fragmentation. Used by Antweiler and Trefler (2002). |
| Intra-product specialization | Another term for fragmentation. Used by Arndt (1997). |
| Inventories | Goods being kept on hand for future use in production or future sale. |
| Invertible | Said of a matrix if its inverse exists. That is, a matrix A is invertible if there exists another matrix B such that BA=I, where I is the identity matrix. |
| Investment |
1. Addition to the stock of capital of a firm or country.
2. Purchase of an asset, real or financial. 3. The use of resources today for the purpose of increasing productivity or income in the future. |
| Invisible | In referring to international trade, used as a synonym for "service." "Invisibles trade" is trade in services. Contrasts with visible. |
| Invoice | The itemized bill for a transaction, stating the nature of the transaction and its cost. In international trade, the invoice price is often the preferred basis for levying an ad valorem tariff. |
| IOM | International Organization for Migration |
| IP | Intellectual property |
| IPE | International political economy |
| IPRs | Intellectual property rights |
| IRS | Increasing returns to scale = IRTS. |
| IRTS | Increasing returns to scale. |
| IS-Curve | In the IS-LM model, the curve representing the combinations of national income and interest rate at which aggregate demand equals supply for goods. It is normally downward sloping because a rise in income increases output by more than aggregate demand (through consumption), while a rise in the interest rate reduces aggregate demand through investment. |
| ISI | Import substituting industrialization |
| IS-LM Model | A Keynesian macroeconomic model, popular especially in the 1960s, in which national income and the interest rate were determined by the intersection of two curves, the IS-curve and the LM-curve. |
| See IS-LM-BP Model. |
| IS-LM-BP Model | A particular version of the Mundell-Fleming Model that extends the IS-LM model by including in the diagram a third curve, the BP-curve, representing the balance of payments and/or the exchange market. |
| Iso-price curve | A curve along which price is (or prices are) constant, most commonly in factor-price space where it shows the combinations of prices of factors consistent with zero profit in producing a good at a specified price of the good. |
| Isocost line | A line along which the cost of something -- usually a combination of two factors of production -- is constant. Since these are usually drawn for given prices, which are therefore constant along the line, an isocost line is usually a straight line, with slope equal to the ratio of the (factor) prices. |
| Isoquant | A curve representing the combinations of factor inputs that yield a given level of output in a production function. |
| Israel-US Free Trade Area | A free trade area between the United States and Israel that was initiated in 1985. |
| ITA | International Trade Administration |
| ITC | International Trade Commission |
| ITO | International Trade Organization |
| IWE | Integrated World Economy |