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 this Agreement are to be applied, shall be the most-favoured-nation rate of duty applied on 1 January 1996. 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 the commitments resulting from the Uruguay Round, 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 Article 4 (Customs duties on imports and charges having equivalent effect) 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 this Agreement are to be applied, applied shall be the most-favoured-nation Most Favoured Nation rate of duty applied in force on 1 January 1996the date of entry into force of this Agreement. 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 the commitments resulting from the Agreement on tariffs concluded within Uruguay RoundRound of multilateral negotiations on trade under auspices of GATT 1994, such reduced duties shall replace the basic duties referred to in paragraph 1 of this Article 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 paragraph 2 of this Article 4 (Customs duties on imports and charges having equivalent effect) shall be applied rounded to the first decimal place or, in case of specific duties, to the second decimal place. 4. The Contracting Parties shall communicate to each other their respective basic duties.