Common use of Customs Clause in Contracts

Customs. valuation 1. Article VII of the GATT (1994) and the WTO Agreement on the implementation of Article VII of the GATT (1994) shall govern customs valuation rules applied to reciprocal trade between the Parties. 2. The Parties shall cooperate with a view to achieving a common approach to issues relating to customs valuation, including problems relating to transfer pricing.

Customs. valuation 1. Article VII of the GATT (1994) and the WTO The Agreement on the implementation Implementation of Article VII of GATT 1994 contained in Annex 1A to the GATT (1994) WTO Agreement, including any subsequent amendments, shall govern the customs valuation rules applied to reciprocal of goods in trade between the Parties. Its provisions are hereby incorporated into, and made part of, this Agreement. Minimum customs values shall not be used. 2. The Parties shall cooperate with a view to achieving reaching a common approach to issues relating to customs valuation, including problems relating to transfer pricing.