WTO Agreement On Customs Valuation
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WTO Agreement On Customs Valuation
Customs valuation is the process where customs authorities assign a monetary value to a good or service for the purposes of import or export. Generally, authorities engage in this process as a means of protecting tariff concessions, collecting revenue for the governing authority, implementing trade policy, and protecting public health and safety. Customs duties, and the need for customs valuation, have existed for thousands of years among different cultures, with evidence of their use in the Roman Empire, the Han Dynasty and the Indian sub-continent. The first recorded customs tariff was from 136 in Palmyra, an oasis city in the Syrian desert. Beginning near the end of the 20th century, the procedures used throughout most of the world for customs valuation were codified in the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (GATT) 1994. Agreement on Implementation of Article VII of GATT Article VII of the GATT outlines the requirements for V ...
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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 policy that taxes foreign products to encourage or safeguard domestic industry. '' Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and red ...
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Roman Empire
The Roman Empire ( la, Imperium Romanum ; grc-gre, Βασιλεία τῶν Ῥωμαίων, Basileía tôn Rhōmaíōn) was the post-Roman Republic, Republican period of ancient Rome. As a polity, it included large territorial holdings around the Mediterranean Sea in Europe, North Africa, and Western Asia, and was ruled by Roman emperor, emperors. From the Constitutional reforms of Augustus, accession of Caesar Augustus as the first Roman emperor to the Crisis of the Third Century, military anarchy of the 3rd century, it was a Principate with Roman Italy, Italia as the metropole of Roman province, its provinces and the Rome, city of Rome as its sole capital. The Empire was later ruled by dominate, multiple emperors who shared control over the Western Roman Empire and the Byzantine Empire#Early history, Eastern Roman Empire. The city of Rome remained the nominal capital of both parts until AD 476 when the imperial insignia were sent to Constantinople following the capture of ...
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Han Dynasty
The Han dynasty (, ; ) was an Dynasties in Chinese history, imperial dynasty of China (202 BC – 9 AD, 25–220 AD), established by Emperor Gaozu of Han, Liu Bang (Emperor Gao) and ruled by the House of Liu. The dynasty was preceded by the short-lived Qin dynasty (221–207 BC) and a warring interregnum known as the ChuHan contention (206–202 BC), and it was succeeded by the Three Kingdoms period (220–280 AD). The dynasty was briefly interrupted by the Xin dynasty (9–23 AD) established by usurping regent Wang Mang, and is thus separated into two periods—the #Western Han, Western Han (202 BC – 9 AD) and the #Eastern Han, Eastern Han (25–220 AD). Spanning over four centuries, the Han dynasty is considered a golden age (metaphor), golden age in Chinese history, and it has influenced the identity of the History of China, Chinese civilization ever since. Modern China's majority ethnic group refers to themselves as the "Han Chinese, Han people", the Sinitic langu ...
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Palmyra
Palmyra (; Palmyrene: () ''Tadmor''; ar, تَدْمُر ''Tadmur'') is an ancient city in present-day Homs Governorate, Syria. Archaeological finds date back to the Neolithic period, and documents first mention the city in the early second millennium BC. Palmyra changed hands on a number of occasions between different empires before becoming a subject of the Roman Empire in the first century AD. The city grew wealthy from trade caravans; the Palmyrenes became renowned as merchants who established colonies along the Silk Road and operated throughout the Roman Empire. Palmyra's wealth enabled the construction of monumental projects, such as the Great Colonnade, the Temple of Bel, and the distinctive tower tombs. Ethnically, the Palmyrenes combined elements of Amorites, Arameans, and Arabs. The city's social structure was tribal, and its inhabitants spoke Palmyrene Aramaic, a variety of Western Middle Aramaic, while using Koine Greek for commercial and diplomatic purposes ...
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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 preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis." The GATT was first discussed during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). It was signed by 23 nations in Geneva on 30 October 1947, and was applied on a provisional basis 1 January 1948. It remained in effect until 1 January 1995, when the World Trade Organization (WTO) was established after agreement by 123 nations in Marrakesh on 15 April 1994, as part of the Uruguay Round Agreements. The WTO is the successor to the GATT, and the origi ...
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Uruguay Round
The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as "contracting parties". The Round led to the creation of the World Trade Organization, with GATT remaining as an integral part of the WTO agreements. The broad mandate of the Round had been to extend GATT trade rules to areas previously exempted as too difficult to liberalize (agriculture, textiles) and increasingly important new areas previously not included (trade in services, intellectual property, investment policy trade distortions). The Round came into effect in 1995 with deadlines ending in 2000 (2004 in the case of developing country contracting parties) under the administrative direction of the newly created World Trade Organization (WTO). The Doha Development Round was the next trade round, beginning in 2001 and still unresolved after missing its offici ...
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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 enforce the rules that govern international trade. It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948. The WTO is the world's largest international economic organization, with 164 member states representing over 98% of global trade and global GDP. The WTO facilitates trade in goods, services and intellectual property among participating countries by providing a framework for negotiating trade agreements, which usually aim to reduce or eliminate tariffs, quotas, and other restrictions; these agreements are signed by representatives of member governmentsUnderstanding the WTO' Handbook at WTO offi ...
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Tokyo Round
The Tokyo Round was a multi-year multilateral trade negotiation (MTN) between 102 nation-states that were parties to the GATT. The negotiations resulted in reduced tariffs and established new regulations aimed at controlling the proliferation of non-tariff barriers (NTBs) and voluntary export restrictions. The aim was further to harmonise government policies. Concessions were made on $19 billion worth of trade, and were scheduled to enter effect over eight years from 1980. The Tokyo Round concluded in April 1979. The Tokyo Round was held to be "the most comprehensive of all the seven rounds of negotiations held within the GATT since its founding in 1948." One novelty was that it covered bovine meat and dairy products Dairy products or milk products, also known as lacticinia, are food products made from (or containing) milk. The most common dairy animals are cow, water buffalo, nanny goat, and ewe. Dairy products include common grocery store food items in t .... The agricul ...
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World Customs Organization
The World Customs Organization (WCO) is an intergovernmental organization headquartered in Brussels, Belgium. The WCO works on customs-related matters including the development of international conventions, instruments, and tools on topics such as commodity classification, valuation, rules of origin, collection of customs revenue, supply chain security, international trade facilitation, customs enforcement activities, combating counterfeiting in support of Intellectual Property Rights (IPR), illegal drug enforcement, combating counterfeiting of medicinal drugs, illegal weapons trading, integrity promotion, and delivering sustainable capacity building to assist with customs reforms and modernization. The WCO maintains the international Harmonized System (HS) goods nomenclature, and administers the technical aspects of the World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin. History On August 23, 1947, the Committee for European Economic Coo ...
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Customs Modernization Act
The United States Customs Modernization Act (, , December 8, 1993), amended title 19 U.S.C. 1508, 1509 and 1510, formally Title VI of the North American Free Trade Agreement Implementation Act, commonly known as the "Mod Act", amended the Tariff Act of 1930 and related laws. The Mod Act was passed with aim of increasing the voluntary compliance with customs laws and improvements to customs enforcement. It introduced two new customs concepts known as "informed compliance" and "shared responsibility." These concepts are premised on the idea that to maximize voluntary compliance with Customs laws and regulations, the trade community needs to be clearly and completely informed of its legal obligations. Accordingly, the Mod Act imposes a greater obligation on Customs to provide the public with improved information concerning the trade community's responsibilities and rights under Customs and related laws. In addition, both the trade and Customs share responsibility in carrying out im ...
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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 enforce the rules that govern international trade. It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948. The WTO is the world's largest international economic organization, with 164 member states representing over 98% of global trade and global GDP. The WTO facilitates trade in goods, services and intellectual property among participating countries by providing a framework for negotiating trade agreements, which usually aim to reduce or eliminate tariffs, quotas, and other restrictions; these agreements are signed by representatives of member governmentsUnderstanding the WTO' Handbook at WTO offi ...
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International Law
International law (also known as public international law and the law of nations) is the set of rules, norms, and standards generally recognized as binding between states. It establishes normative guidelines and a common conceptual framework for states across a broad range of domains, including war, diplomacy, economic relations, and human rights. Scholars distinguish between international legal institutions on the basis of their obligations (the extent to which states are bound to the rules), precision (the extent to which the rules are unambiguous), and delegation (the extent to which third parties have authority to interpret, apply and make rules). The sources of international law include international custom (general state practice accepted as law), treaties, and general principles of law recognized by most national legal systems. Although international law may also be reflected in international comity—the practices adopted by states to maintain good relations and ...
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