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Law - Essay Example

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The main goal of Generally Agreement of Tariffs and Trade (GATT) is to abolish or considerably minimise trade tariffs and other bottlenecks to international trade on the footage of mutual benefits and reciprocity.
Article XI of GATT imposes a plain restriction on imposing…
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Download file to see previous pages This restriction emanate from the fact that such volume-footed measures are more economically destabilising than any price based trade measures like taxes and tariffs. Article XI also prescribes small exception to this rule namely
An export or import restriction or ban which may be viewed as a detriment may be challenged as quantitative restriction which is forbidden by Article XI of GATT. However, if commerce on domestic product is also banned, then the import ban might be viewed as an internal effort enforced at the point of importation, which is allowed by Article III (4) of GATT. (Chris Wold 1996:850).
Dumping means when merchandises are exported at prices which are less under the “normal value” in the country of export made. (GATT VI). In the absence of any domestic price for that product, then price of an analogous product for export to a third nation is employed. The margin of dumping is the glut of the normal price over the price at which the good is being dumped.
In National Com Growers v. C.I.T1, Canadian courts were not reluctant in agreeing the levy of countervailing duties against imported subsidised agricultural products which resulted or likely to result in causing material damage to Canadian agricultural industry. (Baggaley 1998).
The main aim of Article VI of GATT is to offer a relief to importing member country where imported or dumped subsidised products threaten or create substantial injury to a recognised industry or substantially hinder the constitution or formation of a domestic industry.
To claim a remedy under GATT VI, it is essential to make a complaint that there exists a predatory pricing, i.e. pricing a product with the aim of forcing out the competition in the market. Hence, if any domestic manufacturer wishes to invoke the provision of GATT VI, he has to demonstrate that it has been invoked to ...Download file to see next pagesRead More
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