Glossary of Terms

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Glossary of Terms

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Statutory Duty

A customs duty which is generally a Customs Tariff Law voted by Parliament. The statutory duty is also referred to as the autonomous or legal duty. The published customs tariff generally report the statutory duty. For WTO Members, the statutory duty cannot be higher than the GATT bound duty.

Subsidies

Any form of income or price support granted by a country, which serves to increase exports of any product from or reduce imports of any product into its territory.

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