TM212C - Midterm

Which statement best defines the ASEAN Harmonized Tariff Nomenclature (AHTN)?

• A bilateral free trade agreement among ASEAN members

• An eight-digit commodity classification system based on the HS maintained by the WCO

• A list of prohibited imports within ASEAN

• A regional currency used to price cross-border trade

What was the primary purpose for conceptualizing the AHTN by the ten ASEAN Member States?

• To replace the World Customs Organization (WCO)

• To establish a uniform tariff nomenclature that facilitates trade within the region

• To set common exchange rates across ASEAN

• To create a single ASEAN customs authority

In which year was the first edition of the AHTN introduced?

• 1967

• 1984

• 1999

• 2004

Which of the following is NOT listed as a function of the AHTN in the material?

• Serving as a standardized tariff language across ASEAN

• Forming the basis for preferential tariff arrangements under AFTA and other FTAs

• Supporting the collection of international trade statistics

• Setting monetary policy for ASEAN currencies

ASEAN was formally established on 8 August 1967 in Bangkok, Thailand. Which combination correctly lists two of the founding ASEAN members and their currencies as shown?

• Philippines – Thai Baht; Singapore – Philippine Peso

• Indonesia – Indonesian Rupiah; Malaysia – Malaysian Ringgit

• Thailand – Singapore Dollar; Indonesia – Malaysian Ringgit

• Malaysia – Indonesian Rupiah; Thailand – Philippine Peso

Which of the following is NOT listed as a component of the AHTN?

• General Rules for the Interpretation of the HS

• Section and Chapter Notes with Subheading Notes

• A list of systematically arranged headings and subheadings

• Schedules of tariff rates for each ASEAN member

In the AHTN, what do the seventh and eighth digits specifically represent?

• World Customs Organization global chapters

• ASEAN subheadings for products important to regional trade

• National tariff lines for each member state

• Special safeguards for sensitive products

According to the material, which statement best explains how the AHTN keeps current with international changes to the HS?

• It is revised independently by each member state every two years.

• It automatically adopts all HS updates, with past revisions incorporated in 2007, 2012, 2017, and 2022.

• It changes only when ASEAN leaders issue a summit declaration.

• It follows a ten-year static cycle unrelated to HS amendments.

Which of the following is identified as a benefit of using the AHTN for ASEAN countries?

• It removes the need for customs classification.

• It ensures consistency in the classification of goods and promotes transparency.

• It allows members to ignore HS updates.

• It eliminates tariff schedules across the region.

What commitment is required of each ASEAN Member State regarding the application of the HS and AHTN?

• Use the AHTN only up to the sixth digit for selected sectors

• Apply the HS and use the AHTN up to the eight-digit level in all trade-related transactions

• Adopt national schedules without reference to the HS

• Report trade statistics using any preferred coding