Tariff Law Flashcard

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What are identical goods?

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Identical goods are products that are the same in terms of physical characteristics, quality, and reputation, making them interchangeable in trade.

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What does 'Wholly Obtained' (WO) mean in tariff law?

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'Wholly Obtained' refers to goods that are entirely produced or manufactured in a specific country, qualifying them for preferential tariff treatment.

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What is the significance of the ATIGA in trade?

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The ASEAN Trade in Goods Agreement (ATIGA) aims to facilitate trade among ASEAN member countries by reducing tariffs and promoting economic integration.

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What is the MFN rate?

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Most Favored Nation (MFN) rate is the lowest tariff rate that a country can apply to imports from another country, ensuring equal trading conditions.

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What does CTH stand for in Rules of Origin?

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CTH stands for 'Change in Tariff Heading', a rule that requires goods to undergo a change in their tariff classification to qualify as originating.

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What is substantial transformation in tariff law?

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Substantial transformation occurs when a product undergoes a significant change in form, character, or use, making it a new and different product.

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What is the role of a Certificate of Origin (CO)?

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A Certificate of Origin (CO) is a document that certifies the country of origin of a product, which is essential for determining tariff rates.

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What defines a Non-Market Economy?

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A Non-Market Economy is characterized by government control over trade and prices, where the government has a monopoly or substantial influence on the market.

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What is the purpose of the PJEPA?

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The Philippines-Japan Economic Partnership Agreement (PJEPA) aims to enhance trade and investment between the Philippines and Japan by reducing tariffs and promoting economic cooperation.

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What is the significance of the HS Code in international trade?

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The Harmonized System (HS) Code is an internationally standardized system of names and numbers used to classify traded products, facilitating trade and customs procedures.