Common use of Reduction or Elimination of Customs Duties Clause in Contracts

Reduction or Elimination of Customs Duties. 1. Except as otherwise provided in this Agreement, each Party shall reduce or eliminate its customs duties on originating goods of the other Party in accordance with its Tariff Schedule set out in Annex 3-1. 2. Except as otherwise provided in this Agreement, neither Party may increase any existing customs duty or adopt any customs duty on an originating good of the other Party covered by this Agreement. 3. If, at any time a Party reduces its applied most-favoured-nation (hereinafter referred to as “MFN”) customs duty rate after the entry into force of this Agreement, that duty rate shall apply as regards trade in goods covered by this Chapter, as long as it is lower than the customs duty rate calculated in accordance with the Party’s Tariff Schedule in Annex 3-1. 4. On the request of either Party, the Joint Committee shall be convened to consider accelerating the reduction or elimination of customs duties set out in their respective Tariff Schedules in Annex 3-1. Following the decision of the Joint Committee, each Party shall give effect to such acceleration in accordance with Article 14.5

Reduction or Elimination of Customs Duties. 1. Except as otherwise provided in this Agreement, each Party shall reduce or eliminate its customs duties on originating goods of the other Party in accordance with its Tariff Schedule set out in Annex 3-1. 2. Except as otherwise provided in this Agreement, neither Party may increase any existing customs duty or adopt any customs duty on an originating good of the other Party covered by this Agreement. 3. If, at any time a Party reduces its applied most-favoured-nation (hereinafter referred to as “"MFN”") customs duty rate after the entry into force of this Agreement, that duty rate shall apply as regards trade in goods covered by this Chapter, as long as it is lower than the customs duty rate calculated in accordance with the Party’s 's Tariff Schedule in Annex 3-1. 4. On the request of either Party, the Joint Committee shall be convened to consider accelerating the reduction or elimination of customs duties set out in their respective Tariff Schedules in Annex 3-1. Following the decision of the Joint Committee, each Party shall give effect to such acceleration in accordance with Article 14.5