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International Trade Law

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Trade Liberalization

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The process of reducing tariffs and other trade barriers to enable more open and competitive markets.

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Trade Facilitation Agreement (TFA)

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A WTO agreement aimed at expediting the movement, release, and clearance of goods across borders.

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Most Favored Nation (MFN) Principle

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The non-discriminatory trade policy, obligating WTO members to grant all members the same trade advantages as the 'most favored' one.

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Intellectual Property Rights (TRIPS)

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An international legal framework for the protection of intellectual property rights, critical for trade in ideas and creativity.

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National Treatment Principle

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A key obligation ensuring imported goods are treated no less favorably than domestically produced goods.

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Customs Valuation Agreement

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A WTO agreement that provides a fair, uniform, and neutral system for the valuation of goods for customs purposes.

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Prohibition of Quantitative Restrictions

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A rule against using quotas, import/export licenses, or other measures to limit quantities of traded goods.

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Subsidies and Countervailing Measures

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The SCM Agreement oversees the use of subsidies, and regulates the actions countries can take to counter the effects of subsidies.

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Generalized System of Preferences (GSP)

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Developed countries give preferential duty-free entry for certain products from developing countries to enhance their economic growth.

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World Trade Organization (WTO)

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The primary international body promoting and regulating trade between its member countries, successor to the GATT.

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Dispute Settlement Understanding (DSU)

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A WTO mechanism for resolving trade disputes through a formal process to ensure countries' adherence to agreements.

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Technical Barriers to Trade

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A WTO agreement aiming to ensure that regulations, standards, testing, and certification processes do not create unnecessary obstacles to trade.

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Economic Integration Agreements

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Preferential trade agreements between countries that reduce trade barriers and increase economic cooperation.

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Export Controls

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Government measures that regulate or restrict the export of certain goods, services, and technology for reasons such as national security or foreign policy.

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Anti-Dumping Measures

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WTO provisions allowing governments to act against imports being sold at below cost to gain market share and harm domestic industries.

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Government Procurement Agreement (GPA)

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A plurilateral WTO agreement ensuring open, fair and transparent conditions of competition in the government procurement sector.

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Balance of Payments (BoP)

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Provisions allowing countries to apply restrictive trade measures for preserving their foreign reserves and stabilizing their financial systems.

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Transparency and Predictability

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Legal requirements for states to publish trade regulations and maintain stability to facilitate international commerce.

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Sanitary and Phytosanitary Measures

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These WTO measures ensure food safety, and animal and plant health standards are met without creating unnecessary trade barriers.

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Environmental Goods Agreement (EGA)

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An initiative to eliminate tariffs on sustainable and environmentally beneficial goods, still under negotiation among participating WTO members.

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