Tariff Law Flashcard

Tariff Law Flashcard

Assessment

Flashcard

English

Professional Development

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What are identical goods?

Back

Identical goods are products that are the same in terms of physical characteristics, quality, and reputation, making them interchangeable in trade.

2.

FLASHCARD QUESTION

Front

What does 'Wholly Obtained' (WO) mean in tariff law?

Back

'Wholly Obtained' refers to goods that are entirely produced or manufactured in a specific country, qualifying them for preferential tariff treatment.

3.

FLASHCARD QUESTION

Front

What is the significance of the ATIGA in trade?

Back

The ASEAN Trade in Goods Agreement (ATIGA) aims to facilitate trade among ASEAN member countries by reducing tariffs and promoting economic integration.

4.

FLASHCARD QUESTION

Front

What is the MFN rate?

Back

Most Favored Nation (MFN) rate is the lowest tariff rate that a country can apply to imports from another country, ensuring equal trading conditions.

5.

FLASHCARD QUESTION

Front

What does CTH stand for in Rules of Origin?

Back

CTH stands for 'Change in Tariff Heading', a rule that requires goods to undergo a change in their tariff classification to qualify as originating.

6.

FLASHCARD QUESTION

Front

What is substantial transformation in tariff law?

Back

Substantial transformation occurs when a product undergoes a significant change in form, character, or use, making it a new and different product.

7.

FLASHCARD QUESTION

Front

What is the role of a Certificate of Origin (CO)?

Back

A Certificate of Origin (CO) is a document that certifies the country of origin of a product, which is essential for determining tariff rates.

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