The Bound tariff rate is the most-favored-nation
tariff
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and poli ...
rate resulting from negotiations under
the
General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its pre ...
(GATT) and incorporated as an integral
component of a country’s schedule of concessions or commitments to other
World Trade Organization
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation
in the United Nations System, governments use the organization to establish, revise, and e ...
members. If a country raises a tariff to a higher level than its bound rate, those
adversely affected can seek remedy through the dispute settlement process and may obtain
the right to retaliate against an equivalent value of the offending country’s exports or the
right to receive compensation, usually in the form of reduced tariffs on other products they
export to the offending country.
External links
The list of Bound Tariffs on the WTO schedules page.
Query WTO Bound tariff datain
World Integrated Trade Solution {{unreferenced, date=February 2012
The World Integrated Trade Solution (WITS) is a trade software provided by the World Bank for users to query several international trade databases.
WITS allows the user to query trade statistics (export, import, ...
References
*{{CRS, article = Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition, url = https://web.archive.org/web/20110810044532/http://ncseonline.org/nle/crsreports/05jun/97-905.pdf, author= Jasper Womach
General Agreement on Tariffs and Trade