Sub-subject: Customs and the WTO (World Trade Organisation). Syllabus:
Objectives of the subject are to understand the
Sample of the sub-subject (Customs and the World Trade Organisation):
Sub-Subject Description (Customs and the World Trade Organisation):
In international trade, import licensing are administrative procedures that need the compliance of documentation to the administrative organisation as a previous condition for importation of products.
The Agreement on Import Licensing Procedures of the World Trade Organisation refers to “import licensing should be simple, transparent and predictable.”
Customs valuation is a procedure applied by customs find out the “Customs value of imported products.”
In the case that the rate of duty is “ad valorem,” the customs value is necessary to find out the duty to be paid on an imported product.
For importers, the process of estimating the value of a product at customs can present some troubles.
The World Trade Organisation agreement on customs valuation aims for a fair, uniform and neutral system for the valuation of goods for customs objectives.
The World Trade Organisation agreement on customs valuation defines that customs valuation should (excluding in specified circumstances) be based on the actual price of the products (usually marked on the invoice). The following
six methods are considered in the Agreement on Customs of the WTO:
Transaction value is the price paid by the importer to the benefit of the exporter for the imported products.
When the exporter or the importer outsource specialised private companies to control shipment details (price, quantity, and quality) of products. The Pre-shipment Inspection Agreement recognises that General Agreement on Tariffs and Trade (GATT) principles and obligations apply to these activities of pre-shipment.
Rules of Origin
(Source: World Trade Organisation).