World Trade Organization Valuation Agreement

December 22, 2020 No Comments by Chad

1. A Customs Assessment Committee (known as the Committee in this agreement) is established, made up of representatives of each member. The committee elects its own chair and generally meets once a year, or how the relevant provisions of this agreement are provided for by other means to allow members to consult issues relating to a member`s management of the customs assessment system, as this could affect the operation of this agreement or the promotion of its objectives and perform other functions that may be entrusted to it by members. The secretariat of the WTO is the secretariat of the committee. Considering that there is a need for a fair, uniform and neutral system for the valuation of goods for customs purposes, which excludes the use of arbitrary or fictitious customs values; The agreement allows the legislation of importing countries to include customs assessment or exclude it from customs assessment: the agreement consists of four main parts, alongside a preamble and three annexes. Part I contains substantive rules for the valuation of goods. Part II provides for the international administration of the agreement and the settlement of disputes. Part III provides for special and differentiated treatment of developing countries and Part IV contains the so-called final provisions on issues such as the adoption and accession of the agreement, reservations and maintenance of the agreement. This agreement should not be construed as limiting or questioning the rights of customs authorities to respect or challenge the accuracy or accuracy of a declaration, document or statement submitted for customs assessment. Customs assessment is the regime by which customs authorities assign a monetary value to a good or service for import or export. In general, the authorities participate in this process to protect tariff concessions, collect revenue for government authority, implement trade policies and protect public health and safety. Tariffs and the need for tariff assessment have existed for thousands of years between different cultures, with evidence of their use in the Roman Empire, the Han dynasty and the Indian subcontinent.

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