Application of a Bilateral Safeguard Measure. 1. If as a result of the reduction or elimination of a customs duty under this Agreement, an originating good of the other Party is being imported into the territory of a Party in such increased quantities, in absolute terms or relative to domestic production, and under such conditions as to be a cause of serious injury, or threat thereof, to a domestic industry producing a like or directly competitive good, the Party may during the transition period, apply one of the following bilateral safeguard measures: (a) suspend the further reduction of any rate of customs duty on the good provided for under this Agreement; or (b) increase the rate of customs duty on the good to a level not to exceed the lesser of: (i) the most-favoured-nation applied rate of customs duty on the good in effect at the time the bilateral safeguard measure is applied; and (ii) the most-favoured-nation applied rate of customs duty on the good in effect on the day immediately preceding the date of entry into force of this Agreement. 2. Neither Party shall apply or maintain a bilateral safeguard measure or provisional bilateral safeguard measure under this Chapter to any good imported under a tariff rate quota established by the Party under this Agreement.
Appears in 4 contracts
Samples: Trade Remedies Agreement, Trade Remedies Agreement, Economic Cooperation and Trade Agreement
