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Site Contents for Secrets of International Trade
"signatories to 'GATT' now call WTO' agreed to exchange most-favored customs treatment that accord importer goods of the lowest duties"
In many countries, there are Bonded Warehouses in which dutiable imports may be temporarily stored. Import duty need to be paid only as and when the goods are removed for domestic sale.
If the goods are re-exported, no import duty is collected. Bonded Warehouses offer an exporter the opportunity to defer payment of import duty and so ease its cash flow requirements.
A free trade zone or free port is an isolated, enclosed area into which an importer can bring imported materials, parts and finished goods without payment of import duty.
In it, there are
roads, building, power and other utilities, suitable for
handling, storing, mixing, assembling and otherwise using imported and
domestic materials and parts.
Page 1/11 Tariff Barriers and Non-tariff barriers
Page 2/11 - About Tariff Lists, Dutiable Value and Anti Dumping Duties
Page 3/11 Countervailing Duties, "...substantial additional charge on export is the consular fee required..." Customs Nomenclature
<<This Page 4/11 Free Trade Zone, Bonded Warehouses, GATT- now known as WTO
Page 5/11 European Directive and CE marking requirement
The finished goods may then be
sold locally, after payment of duty on the imported contents, or exported to
Although most free trade zones or free port are located next to a sea port, refers strictly speaking to a whole city or section of a city, isolated for customs purposes from the rest of the country.
GATT now known as WTO
Many countries of the world are signatories to the General Agreement on Tariffs and Trade or GATT, established in Jan.1948.
Now known as World Trade Organization web-site at www.wto.org since 1995 with 132 member countries, which agreed to exchange most-favored-nation customs treatment. This means that the contracting parties agreed that each will accord to the importer goods, benefit of the lowest duties.
The General Agreement on Tariffs and Trade (GATT) came into force on January 1st. 1948, now taken over by WTO on January 1995 (as well as assuring most-favored -nation treatment among the contracting parties), provides for scheduled tariff concessions and lays down rules and regulations to govern the conduct of international trade.
The first round of GATT tariff negotiations at Geneva in 1947 involved more than one hundred bilateral negotiations and the results were consolidated into a single comprehensive annex to the Agreement, divided into schedules. These schedules covered some 45,000 separate tariff items.
General Agreement on Tariffs and Trade (GATT), set of multilateral trade agreements aimed at the abolition of quotas and the reduction of tariff duties among the contracting nations.
A treaty created following the conclusion of World
War II was implemented to further regulate world trade to aide in the economic
recovery following the war.
Exchange control and
'import quotas' together with
'tariffs' are the main form of protectionism
Page 9/11 - France,
once required Japanese video players be cleared through a tiny Customs office with
APEC Asia-Pacific Economic Cooperation - This huge regional trade group from 21 nations accounts for more than half of the world's economic output and 42% of its population.
The ASEAN Economic Community
huge market with a combined population of one 600 million people.
Page 8/11 Exchange control and 'import quotas' together with 'tariffs' are the main form of protectionism
Page 9/11 - France, once required Japanese video players be cleared through a tiny Customs office with horrendous delays.
Page 10/11 APEC Asia-Pacific Economic Cooperation - This huge regional trade group from 21 nations accounts for more than half of the world's economic output and 42% of its population.
Page 11/11 The ASEAN Economic Community represents a huge market with a combined population of one 600 million people.
Subsequent rounds of tariff negotiations
at Annecy in 1949, at Torquay in 1950-51, at Geneva in 1956 and again in 1960-61. And more recently, eight negotiating trade rounds under
GATT (that took 8 years), ending with the 1994 Uruguay Round brought tariffs in industrialized countries down to single digit figures.
Declarations made at the end of the Uruguay Round stipulate that negotiations in agriculture must begin by 1999 and on the service sector no later than 2000.
Additional steps are continuously being taken through the General Agreement on Tariffs and Trade or GATT or now referred to as WTO World Trade Organization since 1995, to reduce trade barriers to imports from non-members.
The World Trade Organisation or WTO
At the WTO's first meeting in Singapore in December 1996, trade ministers from 28 member countries signed an Information Technology agreement which aims to eliminate tariffs on trade in electronic commerce such as downloading of a book or software, duty free by year 2000...
....before the next WTO's Ministerial multilateral trade conference in New York City (USA) on November 1999 - which shall endorse the preparation of a new round of negotiations, to be known as "Millennium Round".
The World Trade Organization www.wto.org was born in 1995, today with more than 132 members WTO is the new look face of what is previously known as GATT which was a loosely enforced agreement with a tiny secretariat and no real dispute mechanism.
Whereas, WTO with its mandate also deals with trade and in-services and has hundreds of experts at Geneva, (Switzerland) headquarters, and a system to examine trade rows, issue verdicts and monitor whether countries at fault comply with their international obligations.
WTO members are prohibited from using import quotas. However, some exceptions are allowed, such as for agricultural and fisheries products when such quotas are non-discriminatory between one supplying country and another.
There are some exceptions to this rule. For example, there are provisions that the preferences exchanged among members of the British Commonwealth may not be extended to countries outside the Commonwealth, on the grounds that these tariff preferences were in existence before the entry into force of the GATT
Import quotas may also be used temporarily by a member country if it is suffering from a balance of payment crisis. In such a case, the import quotas may be used in discriminatory fashion against countries with that have a payment imbalance.
Similarly, preferences exchanged exclusively between the United States and the Philippine Republic or between France and its overseas possessions, and other similar arrangements based on historical, political or geographical grounds, are exempt from the application of the most-favored-nation principle.
Next page 5/11
In order to trade with a member state of
"THE EEC", it is a legal requirement that
products conforms with the European Directives.