Permission granted by WTO members allowing a WTO member not to comply with normal commitments. Waivers have time limits and extensions have to be justified.
An expression meaning the imposition of trade sanctions or resort to retaliation.
Source: Walter Goode: Dictionary of Trade Policy Terms, Fourth Edition, (Cambridge University Press/WTO, 2003), p. 391
A specialized intergovernmental body established by a higher body to study a particular set of issues and report its findings and recommendations. As was the case under the GATT, under the WTO a working party may be designated by members to consider a specialized trade policy problem, such as the formation of a customs union. Its recommendations may include suggestions regarding actions that specific WTO members might take. Such working parties are customarily open to all countries that wish to participate.
Source: http://usinfo.state.gov/products/pubs/trade/glosssz.htm#s
An international body located in Brussels through which participating countries seek to simplify and rationalize customs procedures. WCO is responsible for all issues related to the nomenclature and classification of products. This institution was formerly called the Customs Co-operation Council.
The IDB trade aggregate "WTO" is used in the calculation of trade weighted tariff averages (see also AVERAGE TARIFF). "WTO" imports include imports from all WTO Members whether they are entitled to MFN tariffs, to GSP preferences or to preferential treatment under FTA or other preferential trading arrangements.
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