Tariff preferences
Tariff preferences: the fundamental assumption under the agreements administered by the WTO is that countries give each other most- favoured-nation treatment in their administration of their tariff regimes. It is, however, possible under certain conditions to accord lower tariff rates or zero tariffs to selected trading partners. The principal means are preferential rates by developed countries for developing countries under GSP schemes, and zero-tariff rates among members of customs unions or free-trade areas. Developing countries may also accord each other preferential rates, for example, under Part IV of the GATT and the Enabling Clause. One occurrence of this is the GSTP. See also imperial preferences arrangement.
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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