WTO REGULATION GATT was established in 1947 with 23 members, there were eight negotiation rounds between all these countries. The first 6 rounds were about reducing the tariff rates. The 7th Tokyo Round Agreement on following Article VII of the GATT was signed in 1979.
Don’t waste time! Our writers will create an original "WTO and GATT REGULATION" essay for you whith a 15% discount.Create order
There were several topics discussed and got successful results. The results of agreement reached to bring the average tariff on industrial products reduced to 4.7%; to reduce tariff when it was over eight years; to get the non-tariff barriers obstacles. WTO is an international organization who has 160 members, led by a director general with 640 staff committed to deal with the rules of trade between countries. WTO covers trade in services and trade-related intellectual property rights than GATT rules applied to only merchandise goods. WTO commitments are fully and functionally permanent instead of GATTâ€™s provisional basis. Finally, GATT was replaced by WTO following Article VII in 1993 in according to the Uruguay Round. The Principles of WTO agreement were intended to provide a fair, uniform and neutral (FUN) system for the valuation of goods for customs purpose. This Agreement essentially applied that the value for duty should be based on the actually price actually paid or payable for the imported goodsto be the transaction value. The value for duty also should conform to commercial realities. The agreement also refused to use of Arbitrary, fictitious for customs values. WTO agreement gives the right of the customs administrations to request further information of importers where they have reason to doubt the declared value of imported goods.
The transaction value is determined by finding out the price paid or payable for the goods when the goods are sold for export to Canada to a purchaser who is in Canada, and adjusting the price paid or payable by following the section 48of the Customs Act. WTO generalized the transaction value as the primary method of evaluation as â€œPrice actually paid or payableâ€ on imported goods. In determining the Transaction Value, the price paid or payable may be adjusted and subjected to some additions or some deductions. As we usually do in Canada Customs Invoice, if the following ones are not indicated in field 17 which is the total invoice, price paid or payable, then they have to be added:
We will send an essay sample to you in 2 Hours. If you need help faster you can always use our custom writing service.Get help with my paper