Common use of Customs Valuation Clause in Contracts

Customs Valuation. 1. The Customs Valuation Agreement and any successor Agreement shall govern the customs valuation rules applied by the Parties to their trade. To this end, the Customs Valuation Agreement and any successor Agreement, as well as the WTO Decisions of Committee on Customs Valuation, are incorporated into and made part of this Agreement, mutatis mutandis. 2. The custom laws of the Parties shall comply with Article VII of GATT 1994 and the Customs Valuation Agreement. 1. Notwithstanding Article 2.3, a Party may apply a measure in the form of a higher import duty on an originating agricultural good listed in that Party's Schedule set out in Annex 2C, consistent with this Article if the aggregate volume of imports of that good in any year exceeds a trigger level as set out in its Schedule set out in Annex 2C. 2. The higher import duty under paragraph 1 shall not exceed the lesser of: (a) the prevailing most-favored-nation (MFN) applied rate; (b) the most-favored-nation (MFN) applied rate of duty in effect on the day immediately preceding the date of entry into force of this Agreement; (c) the base rate set out in its Schedule set out in Annex 2B; or (d) the duty set out in its Schedule set out in Annex 2C. 3. Neither Party shall apply or maintain an agricultural safeguard measure under this Article and at the same time apply or maintain, with respect to the same good: (a) a bilateral safeguard measure under Chapter Eight (Trade Remedies);