Serious prejudice
Serious prejudice: this exists under the WTO Agreement on Subsidies and Countervailing Measures when subsidies have certain effects on the interests of other members. Broadly, this arises in cases (a) when the total subsidy on a product exceeds 5%, (b) when subsidies are awarded to cover the operating losses of an industry, (c) of subsidies covering operating losses to allow the development of long-term solutions and to avoid acute social problems, and (d) direct forgiveness of debt owed to government. The member country must take appropriate action in these cases. The Agreement also describes a range of situations in which serious prejudice may, rather than will, arise. Different rules apply to agricultural subsidies under the WTO Agreement on Agriculture. See also actionable subsidies, prohibited subsidies and subsidies.
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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