Common use of Basic Duties Clause in Contracts

Basic Duties. 1. The basic duty to which the successive reductions set out in this Agreement are to be applied for imports between the Parties shall be the most-favoured-nation rate of duty (MFN rate) applied by each Party on 1 February 2009. 2. If before, by or after entry into force of this Agreement, any tariff reduction is applied on an erga omnes basis, such reduced duties shall replace the basic duties referred to in paragraph 1 as from the date on which the reduction is applied, or from the entry into force of this Agreement, whichever is later. 3. Reduced duties shall be rounded to the first decimal place or, in the case of specific duties, to the second decimal place.