Business Guide to the Uruguay Round

image of Business Guide to the Uruguay Round
This guide explains the rules of the Uruguay Round trade agreements and their implementation. It provides an overview of achievements of the Uruguay Round and the legal system established by it and explains the role of the World Trade Organization (WTO). It also presents the rules applicable to trade and examines their implications for trade liberalization, reviewing the main features of General Agreement on Trade in Services (GATS), the rules applicable to government procurement and state trading and it describes the provisions of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).

Published jointly by the International Trade Centre UNCTAD/WTO (ITC) and the Commonwealth Secretariat.



Valuation of goods for customs purposes

When customs duties are levied on an ad valorem basis (e.g. 10% of the value of imported goods), the actual incidence of duty depends on how Customs determines dutiable value. The Agreement on Customs Valuation requires Customs to determine the value on the basis of the price paid or payable by the importer in the transaction that is being valued. As a result of a Decision adopted in the Uruguay Round, Customs can reject transaction values when it has reasons to doubt the truth or accuracy of the value declared by importers or of the documents submitted by them.


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