WEEK 7-8 IDENTIFICATION Flashcards
Is neither an organization nor a court of justice. It is merely a multinational treaty that now covers eighty percent of the world trade.
The General Agreement on Tariffs and Trade (GATT)
It is the embodiment of the Uruguay Round results and the successor to GATT.
The WTO
Was established on January 1, 1995
The WTO
Is the fixed amount of money per physical unit or according to the weight or measurement of the commodity imported or exported.
Specific Tariff
The Latin word that means “on the value.”
Ad Valorem
When the duty is levied as a fixed percentage of the traded commodity’s value
Ad Valorem Tariff
The import duties that vary with the prices of the commodities are termed sliding scale duties.
Sliding Scale Tariff
The tariff, which is imposed primarily for generating more revenues for the government
Revenue Tariff
The government’s tariff may be imposed to protect the home industries from the cut-throat competition from the foreign-produced goods.
Protective Tariff
If the uniform tariff rates are applicable to all the commodities irrespective of the country of origin
Nondiscriminatory Tariffs
The varying tariff rates exist for different commodities.
Discriminatory Tariff
It also makes provision for the adjustment in tariff rates as and when required to fulfill the obligations of international commercial agreements.
General and Conventional Tariff
Under this system, a country has maximum and minimum tariff rates for every commodity.
Maximum and Minimum Tariff
The multiple column tariff consists of three different tariff rates
- A general rate
- An international rate
- A preferential rate
If a foreign country has imposed tariffs upon the exports from the home country and the latter imposes tariffs against the products of the former
Retaliatory Tariffs
If the foreign country has been exporting large quantities of its products in the market of the home country on the strength of export subsidies, the home country can neutralize the ‘____________’ enjoyed by foreign products through imposing duties upon them as they enter the territory of the home country.
‘unfair advantage’
- Countervailing Tariffs
If the home country imposes tariff upon the products of the foreign countries as they enter its territory, the tariff is known as
Import Duties
If the home country’s products become subject to tax as they leave its territory to be sold in the foreign market, the tax or duty is called
Export Duties
can be established as a simple aggregate, presumably satisfied on a first-come-first-serve basis
Import quotas
are legal restrictions on the quantities of imports that are imposed by the domestic government.
Import quotas
is payments made directly to domestic producers to encourage exports of production to the foreign sector.
Export subsidy
is a more severe form of trade restriction in which a nation completely bans the importing of products from another country of forbids exporting its own products to that country.
Embargo
Instead of placing a quota on the number of goods that can be imported, the government can require that a certain percentage of goods be made domestically.
Local Content Requirement
The importing country imposes a standard for goods. If the standards are not met, the goods are rejected.
Product Standards
Governments impose _______ to boost domestic production
Domestic Content Requirement (DCR)
Certain countries insist on specific labeling of the products
Product Labelling
Certain nations insist on a particular type of packaging of goods.
Packaging requirements
The importer has to ensure that adequate _______________ is available for import of goods by obtaining clearance from exchange control authorities before concluding the contract with the supplier.
Foreign Exchange Regulation
Is some countries like India, certain items are imported or exported only through canalizing agencies like MMTT (Minerals and metal trading corporation of India)
State trading
__________ was born on the collective wisdom of the world. The _________ came to encompass the concerns for development in the economic, commercial, scientific, social, and cultural sphere of the member nations.
United Nations Organization (UNO)
GATT emerged from the ashes of the _________
Havana Charter
How many nations drew up and signed a charter for establishing an International Trade Organization (ITO).
53
