Tariff-rate quotas are more likely to stay than be negotiated away
Photo credit: USDA The Uruguay Round of trade negotiations, concluded in 1994, created tariff-rate quotas for agriculture with the expectation that they would be a stepping stone to freer trade. Instead, most of those TRQs are still in place and new WTO members have added 43 more, says a report by three USDA researchers. Under TRQs, a country allows imports of a specified volume of a commodity at a low or no tariff rate but is then allowed to charge higher duties on imports that exceed the trigger level. “They were expected to form the basis for WTO negotiations on further tariff re...
Source: agriculture.com