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Devashish Shrivastava Top Contributor
Undergraduate student | Content Writer
Asked a question 2 years ago

Does The World trade organization Determine The Customs Tariffs On Import Of Agricultural Products?

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Devashish Shrivastava Top Contributor
Undergraduate student | Content Writer

Customs tax is the obligation charged on the import of any great into the residential region of a nation. WTO Member nations are required to "tie" their traditions taxes, as it were, they are relied upon to tell the roof paces of levies. The duties which are really forced by the Customs experts on brings into a nation are the applied traditions levies. Every Member is allowed to set the applied traditions taxes. The main limitation is that the applied tax of the Member on a farming item can't surpass the bound traditions levy on the item.  

For instance, the "bound" traditions obligation on wheat told to the WTO by India toward the finish of the Uruguay Round is 70%. Customs obligation on wheat forced by India can't consequently be expanded past 70%.