Salient Features Of Wto Valuation Agreement

The Customs Assessment Agreement, officially known as the GATT Article VII Enforcement Agreement, sets out the customs assessment methods that members must comply with. It primarily pursues the “transaction value” approach. The WTO monitors some 60 different agreements that have the status of international legal texts. Member States must sign and ratify all WTO accession agreements. [111] A discussion ensued on some of the major agreements. The agreement established a customs value assessment committee made up of representatives from each WTO member country. This committee meets at least once a year and gives members the opportunity to consult on issues related to the management of the customs assessment system. As part of the agreement, a technical customs assessment committee was also established under the aegis of the World Customs Organization, an international organization based in Brussels, whose aim is to promote international cooperation in customs matters. The tasks of the technical committee, which meets at least twice a year, include examining specific technical problems related to the day-to-day management of the agreement; Provide appropriate advice and solutions to these problems Reviewing Member States` assessment laws, procedures and practices; and provide information and advice on all customs assessment issues that may be requested by Member States. Another feature of the WTO agreement is that it has improved decision-making at the ministerial level. Important decisions on trade-related issues must be made at ministerial meetings.

Ministerial meetings have been incorporated into the LEGAL structure of the WTO. The agreement provides for a customs assessment system that bases customs value primarily on the transaction value of imported goods, i.e. on the price actually paid or payable for goods when they are sold for export to the importing country, with certain adjustments. A country wishing to join the WTO submits a request to the General Council and must describe all aspects of its trade and economic policy that affect WTO agreements. [95] The application is submitted to the WTO as part of a memorandum reviewed by a working group open to all interested WTO members. [96] According to a 2017 study in the Journal of International Economic Law, “almost all the latest preferential trade agreements (EPAs) explicitly refer to the WTO, often dozens of times in several chapters.