Agreement on Subsidies and Countervailing Measures
Agreement on Subsidies and Countervailing Measures: a WTO agreement which establishes three categories of subsidies and the procedures to be followed in dealing with them. The categories are prohibited subsidies (subsidies contingent on export performance or the use of domestic rather than imported goods), actionable subsidies (subsidies wich may only be maintained if they do not injure the domestic industry of another member, cause nullification or impairment of benefits, or cause serious prejudice to the interests of another member) and non-actionable subsidies (subsidies which may be maintained by members). The Agreement details an accelerated timetable for dispute settlement cases arising from the application of the Agreement. It also sets out the conditions under which countervailing duties may be imposed. It does not apply to agricultural subsidies. See also Agreement on Agriculture, amber box, blue box, green box, Permanent Group of Experts and provisional countervailing duties.
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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