dumping — Occurs when goods are exported at a price less than their normal value, generally meaning they are exported for less than they are sold in the domestic market or third-country markets, or at less than production cost.

NTMs — Non-tariff measures such as quotas, import licensing systems, sanitary regulations, prohibitions, etc.

price undertaking — Undertaking by an exporter to raise the export price of the product to avoid the possibility of an anti-dumping duty.

PSI — Preshipment inspection — the practice of employing specialized private companies to check shipment details of goods ordered overseas — i.e. price, quantity, quality, etc.

QRs — Quantitative restrictions — specific limits on the quantity or value of goods that can be imported (or exported) during a specific time period. rules of origin — Laws, regulations and administrative procedures which determine a product’s country of origin. A decision by a customs authority on origin can determine whether a shipment falls within a quota limitation, qualifies for a tariff preference or is affected by an anti-dumping duty. These rules can vary from country to country.

safeguard measures — Action taken to protect a specific industry from an unexpected build-up of  imports — governed by Article XIX of the GATT 1994.

subsidy — There are two general types of subsidies: export and domestic. An export subsidy is a benefit conferred on a firm by the government that is contingent on exports. A domestic subsidy is a benefit not directly linked to exports.

tariffication — Procedures relating to the agricultural market-access provision in which all non-tariff measures are converted into tariffs. 

trade facilitation — Removing obstacles to the movement of goods across borders (e.g. simplification of customs procedures).

VRA, VER, OMA — Voluntary restraint arrangement, voluntary export restraint, orderly marketing arrangement. Bilateral arrangements whereby an exporting country (government or industry) agrees to reduce or restrict exports without the importing country having to make use of quotas, tariffs or other import controls.

 

Textiles and clothing 

ATC — The WTO Agreement on Textiles and Clothing which integrates trade in this sector back to GATT rules within a ten-year period.

carry forward — When an exporting country uses part of the following year’s quota during the current year.

carry over — When an exporting country utilizes the previous year’s unutilized quota.

circumvention — Avoiding quotas and other restrictions by altering the country of origin of a product.

CTG — Council for Trade in Goods — oversees WTO agreements on goods, including the ATC.

integration programme — The phasing out of MFA restrictions in four stages starting on 1 January  

1995 and ending on 1 January 2005.

ITCB — International Textiles and Clothing Bureau — Geneva-based group of some 20 developing country exporters of textiles and clothing.

MFA — Multifibre Arrangement (1974-94) under which countries whose markets are disrupted by increased imports of textiles and clothing from another country were able to negotiate quota restrictions.

swing — When an exporting country transfers part of a quota from one product to another restrained product.

TMB — The Textiles Monitoring Body, consisting of a chairman plus ten members acting in a personal capacity, oversees the implementation of ATC commitments.

transitional safeguard mechanism — Allows members to impose restrictions against individual exporting countries if the importing country can show that both overall imports of a product and imports from the individual countries are entering the country in such increased quantities as to  cause — or threaten — serious damage to the relevant domestic industry.

Agriculture/SPS 

Agenda 2000 — EC’s financial reform plans for 2000–06 aimed at strengthening the union with a view to receiving new members. Includes reform of the CAP (see below).

border protection — Any measure which acts to restrain imports at point of entry.

BSE — Bovine spongiform encephalopathy, or “mad cow disease”.