Safeguards
Safeguards: action taken to protect a specific industry from an unexpected build-up of imports causing, threatening to cause, serious injury. Safeguards measures usually refer to action taken under Article XIX (Emergency Action on Imports of Particular Products) of the GATT, the so-called escape clause. However, safeguards action is possible also under Article XII (Restrictions to Safeguard the Balance of Payments) and Article XVIII (Governmental Assistance to Economic Development). A useful outline of the ways safeguards action may be instituted under the WTO rules has been devised by trade policy analysts within the IBRD, but this approach is not necessarily accepted by all WTO members. According to this view, safeguards action may be taken in six different ways, all of which are subject to conditions ensuring that action is taken only if valid reasons exist. There are also certain procedural steps which have to be followed in each case. First, Article VI of the GATT permits governments to take action if dumping occurs. The provisions of this article are refined further in the Agreement on Implementation of Article VI of the GATT 1994 (the Anti-dumping Agreement). Second, under Articles XII and, in the case of developing countries, XVIII:B, they may restrict imports in order to protect their external financial position and their balance of payments. Third, Article XVIII:A and XVIII:C allow developing countries to provide governmental assistance to promote economic development. Fourth, Article XIX allows a country to suspend its obligations or to modify liberalizing commitments if there are unforeseen circumstances and if any product is being imported in such increased quantities or under such conditions as to cause or threaten serious injury to domestic producers of like or directly competitive products. Except in defined circumstances, safeguards action taken under Article XIX must be aimed at a particular product, regardless of its source. Discriminatory action aimed against the countries perceived to be the main problem is against the rules. If action is taken, there is an
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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