Commonly Used Terms

ASYCUDA World

UNCTAD’s most recent version of its Automated System for Customs Data (ASYCUDA)

Commodity

Any article exchanged in trade but most commonly used to refer to raw materials, including such minerals as tin, copper, and manganese, and bulk-produced agricultural products such as coffee, tea, and rubber.

FTA

Free Trade Agreements are treaties between two or more countries to establish a free trade area where commerce in goods and service can be conducted across their common borders

GATT

The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement regulating international trade. Its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis.

GSP

Generalised System of Preferences are the standard arrangement which offers generous tariff reductions to developing countries. Practically, this means partial or entire removal of tariffs on two thirds of all product categories.

HS

Harmonized System is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). It comprises of commodity groups, each identified by a six-or eight-digit level arranged in a logical structure.

Measures

Measures are restrictions, prohibitions, licensing/ permit/ certification requirements and other obligations that a trader needs to comply with.  A measure is always defined by a law or regulation.  

MFN

In international economic relations and international politics, "most favoured nation" (MFN) is a status or level of treatment accorded by one state to another in international trade. The term means the country which is the recipient of this treatment must, nominally, receive equal trade advantages as the "most favoured nation" by the country granting such treatment.

SAARC

The South Asian Association for Regional Cooperation (SAARC) is regional intergovernmental organization and geopolitical union in South Asia. Its member states include Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka.

SAFTA

The South Asian Association for Regional Cooperation (SAARC) is regional intergovernmental organization and geopolitical union in South Asia. Its member states include Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka.

SATIS

SAARC Agreement On Trade In Services

SPS

Sanitary and Phytosanitary (SPS) are applied to protect human, animal and plant life or health from risks arising from the introduction and spread of pests and diseases, including to protect them from risks arising from imported goods.

Tariff

A duty (or tax) levied upon goods transported from one customs area to another either for protective or revenue purposes. Tariffs raise the prices of imported goods, thus making them generally less competitive within the market of the importing country unless that country does not produce the items so tariffed.

TBT

Trade Barriers to Trade (TBT) deals with procedures for testing and certifying conformity to technical regulations (compulsory) and standards (voluntary) governing international trade.

UNCTAD

The United Nations Conference on Trade and Development (UNCTAD) is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues.

WCO

The World Customs Organisation (WCO) is an intergovernmental organization that acts as forum for dialogue and exchange of experiences between national Customs delegates.

WTO

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.

 

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