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Business Guide to the World Trading System

image of Business Guide to the World Trading System
This publication is a sequel to the highly successful Business Guide to the Uruguay Round.



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). This edition contains updates on new developments which have taken place since 1996. It also contains a new section on the six trade-related subject areas: trade and environment, trade and investment, competition policy, transparency in government and procurement, trade facilitation and electronic commerce. A thorough understanding of the World Trading System is critical to increasing the competitiveness of enterprises in Commonwealth countries. This publication will be an essential tool to the international business community and will help business leaders to better understand the implications of the WTO Agreements and how to apply the various provisions and rules to their day-to-day business decisions.



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

English

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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.

English

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