briefly explain the following conception. 1-BOUND TARIFF ? 2-NEGATIVE CONSENSUS ?

briefly explain the following conception.

1-BOUND TARIFF ?

2-NEGATIVE CONSENSUS ?

Expert Solution

1. Bound Tariff

Bound tariff means maximum rate of tariff allowed by World Trade Organisation(WTO)to any membet state for imports from another member state.If any country raises tariff higher than the bound tariff,one which is adversely affected can seek dispute through dispute settlement process. Bound tariff is expressed as a percentage of value of imports,agreed upon by a country to levy on goods from another country.

2.Negative Consensus

Negative consensus means when a any member of WTO trying to block any report has to persuade other members to join the opposition or to atleast stay paasive. The principle behind it is that the report will always be adopted and unseccessful party has to comply with it. Negative consensus is merely a theoritical possibility and not occurred till date

Rahul Sunny answered 2 years ago

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