Common use of Elimination of Customs Duties Clause in Contracts

Elimination of Customs Duties. 1. Except as otherwise provided in this Agreement, each Party shall eliminate its customs duties on originating goods of the other Party, as from the date of entry into force of this Agreement in accordance with the terms and conditions set out in its Schedule to Annex I (Schedules in Relation to Article 2.4 (Elimination of Customs Duties)). 2. Neither Party shall increase any customs duty bound in its Schedule to Annex I (Schedules in Relation to Article 2.4 (Elimination of Customs Duties)) or introduce a new customs duty on imports of an originating good of the other Party other than in accordance with this Agreement. 3. For each product the base rate of customs duty, to which the successive reductions set out in its Schedule to Annex I (Schedules in Relation to Article 2.4 (Elimination of Customs Duties)) are to be applied, shall be the most-favoured nation (hereinafter referred to as “MFN”) customs duty rate applied on 1st January 2017. If at any moment a Party reduces its applied MFN customs duty rate after the entry into force of this Agreement, that duty rate shall apply as regards trade covered by this Agreement if and for as long as it is lower than the customs duty rate calculated in accordance with its Schedule to Annex I (Schedules in Relation to Article 2.4 (Elimination of Customs Duties)).

Elimination of Customs Duties. 1. Except as otherwise provided in this Agreement, each Party shall eliminate its customs duties on originating goods of the other Party, as from the date of entry into force of this Agreement in accordance with the terms and conditions set out in its Schedule to Annex I (Schedules in Relation to Article 2.4 (Elimination of Customs Duties)). 2. Neither Party shall increase any customs duty bound in its Schedule to Annex I (Schedules in Relation to Article 2.4 (Elimination of Customs Duties)) or introduce a new customs duty on imports of an originating good of the other Party other than in accordance with this Agreement. 3. For each product the base rate of customs duty, to which the successive reductions set out in its Schedule to Annex I (Schedules in Relation to Article 2.4 (Elimination of Customs Duties)) are to be applied, shall be the most-favoured favoured-nation (hereinafter referred to as “"MFN”") customs duty rate applied on 1st January 2017. If at any moment a Party reduces its applied MFN customs duty rate after the entry into force of this Agreement, that duty rate shall apply as regards trade covered by this Agreement if and for as long as it is lower than the customs duty rate calculated in accordance with its Schedule to Annex I (Schedules in Relation to Article 2.4 (Elimination of Customs Duties)).