International trade

International trade

The buying and selling of goods, services and capital across international borders or territories.

Industry: Economy

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International trade

tariff binding

Economy; International trade

Commitment not to increase a rate of duty beyond an agreed level. Once a rate of duty is bound, it may not be raised without compensating the affected parties.

Higher import duties on semi-processed products than on raw materials, and higher still on finished products. This practice protects domestic processing industries and discourages the development of ...

tariff peaks

Economy; International trade

Relatively high tariffs, usually on sensitive products, amidst generally low tariff levels. For industrialized countries, tariffs of 15% and above are generally recognized as tariff peaks.

tariff quota

Economy; International trade

When quantities inside a quota are charged lower import duty rates, than those outside (which can be high).

tariffication

Economy; International trade

Procedures relating to the agricultural market-access provision in which all non-tariff measures are converted into tariffs.

tariffs

Economy; International trade

Customs duties on merchandise imports. Levied either on an ad valorem basis (percentage of value) or on a specific basis (e.g. $7 per 100 kgs.). Tariffs give price advantage to similar ...

technical barriers to trade (TBT)

Economy; International trade

Regulations, standards, testing and certification procedures, which could obstruct trade. The WTO's TBT Agreement aims to ensure that these do not create unnecessary obstacles.