When heads of state of the major industrialized nations gather for their annual economic summit, the jargon can get positively arcane. Here are some of the terms President Bush and other leaders might use:
European Community: A 12-country confederation of European nations that plan by 1992 to eliminate completely trade, investment and other economic barriers among themselves while establishing common trade policies with the rest of the world. The group, also called the European Common Market, is made up of Belgium, Britain, Denmark, France, West Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. Turkey wants to join.
Group of Seven, or G-7: The seven leading industrial democracies: The United States, Japan, Britain, France, West Germany, Italy and Canada. For the last 13 years they have met yearly to examine the world economic situation.
General Agreement on Tariffs and Trade (GATT): The multilateral treaty that sets down rules on trade among 97 member nations, headquartered in Geneva. Since the agreement was ratified in 1947, GATT has been the forum for most of the multinational trade negotiations on tariff and non-tariff barriers to trade.
International Monetary Fund: The multinational body set up at the 1944 Bretton Woods conference to help stabilize the international financial order. The IMF, in business since 1947, helps countries in short-term economic difficulties with loans from funds contributed by all member countries. Seriously strapped countries who borrow must agree with the IMF on an economic plan.
Non-Tariff Barriers: Rules and regulations a country sets to make it difficult for foreign goods to be imported but that are not overt taxes (tariffs) on the imported product. Non-tariff barriers can include quotas on foreign goods, subsidies for domestically produced products, or controls on the amount of foreign exchange an importer can obtain to pay for foreign-made products.
Organization for Economic Cooperation and Development: A 24-member, consultative body -- composed of the industrialized countries in Europe and North America as well as Japan, New Zealand, Australia, Yugoslavia and Turkey -- set up in 1961 to foster economic growth and high employment. The Paris-based OECD regularly publishes analyses of economic policies of the member countries.
Paris Club: The informal name for ad hoc meetings of Western creditor governments at which the terms on loans or other types of official assistance to a troubled developing nation are eased. The meetings are held only when a developing nation experiences difficulty repaying other governments and do not deal with commercial bank or private lending.
Tariffs: A tax, usually imposed on imported items to raise their price relative to domestically produced items.
Uruguay Round: The current series of international negotiations to reduce tariff and non-tariff barriers to trade among nations. The talks, scheduled to end this year, began at Punta del Este, Uruguay, in 1986. The talks, under the auspices of GATT, are threatened by a dispute between the United States and its major European allies over the U.S. desire to eliminate subsidies and import quotas on agricultural products.
World Bank: Formally the International Bank for Reconstruction and Development, it was conceived at the same Bretton Woods conference as the IMF to pump funds into war-torn Europe, and began in 1946. The bank later turned to funding development projects -- such as dams, roads, and electric facilities as well as agricultural and land reforms -- in developing countries. In recent years it has also made loans to support countries' changes in economic policies that impede economic growth and development.