Common use of Basic Duties Clause in Contracts

Basic Duties. 1. For each product the basic duty, to which the successive reductions set out in Annex VI are to be applied, shall be the most-favoured nation rate of duty applied on 1 January 2003. 2. If, before, by or after entry into force of this Agreement, any tariff reduction is applied on an erga omnes basis, in particular reductions in accordance with commitments resulting from multilateral negotiations under the World Trade Organization (hereinafter referred to as “the WTO”), such reduced duties shall replace the basic duties referred to in paragraph 1 as from the date when such reductions are applied, or from the entry into force of this Agreement if this is later. 3. The reduced duties calculated in accordance with Annex VI shall be applied rounded to the first decimal place or, in case of specific duties, to the second decimal place.

Basic Duties. 1. For each product the basic duty, to which the successive reductions set out in Annex VI are to be applied, shall be the most-favoured nation rate of duty applied on 1 January 2003. 2. If, before, by or after entry into force of this Agreement, any tariff reduction is applied on an erga omnes basis, in particular reductions in accordance with commitments resulting from multilateral negotiations under the World Trade Organization (hereinafter referred to as “"the WTO”"), such reduced duties shall replace the basic duties referred to in paragraph 1 as from the date when such reductions are applied, or from the entry into force of this Agreement if this is later. 3. The reduced duties calculated in accordance with Annex VI shall be applied rounded to the first decimal place or, in case of specific duties, to the second decimal place.