Agreement on Preshipment Inspection
Agreement on Preshipment Inspection: a WTO agreement setting out the conditions and procedures under which members may carry out pre- shipment inspections to ensure that the cost of goods shipped corresponds to the invoiced cost. Such inspections are used mainly by developing countries to prevent capital flight, commercial fraud, evasion of customs duties and other similar practices. The Agreement requires user members to apply GATT principles and obligations to the conduct of inspections. These include non-discrimination, transparency, protection of confidential business information, avoidance of unreasonable delay, the use of specific guidelines for conducting price verification and the avoidance of conflicts of interest by preshipment inspection agencies. Exporting members must apply their laws and regulations concerning preshipment activities in a non-discriminatory way. They must publish promptly all applicable laws and regulations and, if requested, they must afford user members technical assistance. In the case of disputes, the parties have access to independent review procedures mandated by the Agreement. These procedures should be administered by an independent body made up of an organization representing preshipment inspection agencies and an organization representing exporters. The decision of the three-member review panel is binding on all parties to the dispute.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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