Customs Valuation Agreement Clause Samples

Customs Valuation Agreement. The Customs Valuation Agreement or any successor agreement to which both Parties are party shall govern the customs valuation rules applied by the Parties to their reciprocal trade.

Customs Valuation Agreement the WTO Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994; GATS: the WTO General Agreement on Trade in Services; GATT 1994: the WTO General Agreement on Tariffs and Trade 1994; heading: the first four digits in the tariff classification number under the Harmonized System; measure: any law, regulation, procedure, requirement, provision or practice, among others; national: a natural person of a Party according to Annex 2.01; TRIPS: the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights;

Customs Valuation Agreement. China’s commitment to use transaction value in the amended law brings the PRC valuation practices closer to those outlined in the WTO Customs Valuation Agreement, which China has committed to follow as a WTO member. Even prior to its entry into the world trade body, China amended its Customs Law to comply with WTO requirements and international practices. In particular, the amended law: --- Provides for the use of the “transaction value” as the basis for determining the dutiable value of goods for levying import customs duty in accordance with the WTO Customs Valuation Agreement. A new set of regulations on the implementation of this practice became effective on 1 January 2002. --- Establishes the principle of “rules of origin” in accordance with the WTO Agreement on Rules of Origin. The rules of origin principle determines the origin of goods for determining whether or not such goods are entitled to preferential tariff rates and/or anti- dumping duties in accordance with trade sanctions. --- Grants importers the right to revise or cancel their customs declarations under certain conditions, whereas the old law makes no such exception. --- Grants importers the right to examine their goods or obtain samples of goods before customs declarations to reduce the risk of incorrect declarations. --- Provides that Customs shall protect intellectual property rights of imported and exported goods in accordance with relevant laws and regulations. One of the most significant changes to the customs regime as a result of China’s WTO entry is the reduction of tariffs. Under its accession package, China is committed to significantly reduce tariffs. As a start, China has already substantially reduced its tariff rates from the average rate of 15.3 percent to 12 percent in 2002. The reduction affected 5332 customs product categories, accounting for 73 percent of the total. It is anticipated that the average duty rate will further be reduced to about 9 percent by 2005.

Customs Valuation Agreement the WTO Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994; GATS: the WTO General Agreement on Trade in Services; GATT 1994: the WTO General Agreement on Tariffs and Trade 1994;