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Find MFAT's information paper on a country or territory. (We don't have information papers on all countries.)
Although we have tried to use plain English content on the site, you may come across specialist terms and acronyms. Find out what they mean in our glossary of terms.
If you come across a term that isn't included in the Glossary please send us an email.
Anti-dumping measures: Special import duties known as anti-dumping duties are imposed on an imported product when an investigation reveals that a firm has sold a product in an importing market at a price below the price it charges for the same product in its own market, and this action has a demonstrable effect on trade volumes in the local market. Anti-dumping measures
APEC: the Asia Pacific Economic Co-operation forum. APEC's goal (the `Bogor" goal) is to achieve free and open trade and investment in the APEC region by 2020. Developed country members have undertaken to do so by 2010.
The Basic Law: effectively Hong Kong's Constitution, it sets out the principles governing the relationship between Hong Kong and China.
Bound tariffs: these are tariff levels for products which WTO members have agreed not to raise above a specified rate (the "bound" rate) agreed in GATT negotiations and incorporated in a country's WTO schedule of concessions. These are enforceable through the WTO.
CIF: a formula for the purpose of valuing goods which includes the cost of manufacture, plus international insurance and freight charges.
GATS: General Agreement on Trade in Services. An agreement which forms part of all WTO members' multilateral trade commitments. It covers all trade in services except bilateral aviation rights and services purchased or supplied in the exercise of governmental authority. A member's specific commitments in services are set out in a national schedule, similar to that for its commitments of tariff concessions in goods trade.
GATT: General Agreement on Tariffs and Trade. The GATT entered into force in 1948 as a provisional agreement, and remained so until its provisions became part of the WTO framework on 1 January 1995. It established multilateral rights and obligations for trade in goods.
HS: Harmonised System, also known as the Harmonised Commodity Description and Coding System which is managed by the World Customs Organisation. This is a system for classifying goods traded internationally. HS 61 and 62 referred to in the discussion paper are the headings for the two main chapters covering TCF products.
ILO: The International Labour Organisation, headquarters in Geneva.
IPPA: Investment Protection and Promotion Agreement: Bilateral investment agreements aimed at promoting the flow of capital for economic activity and development.
MFN: Most favoured nation treatment: this is a fundamental WTO obligation in both the GATT and GATS agreements. It requires a member country to extend any favourable treatment in relation to a good or service that it gives to one country to all other WTO members. There are very few exceptions to this equality of treatment concept, the most significant being for members of WTO consistent free trade areas (such as our CER agreement with Australia, or our CEP with Singapore) or customs unions, (such as the European Union). In such cases members belonging to free trade areas or customs unions are not obliged to extend the same preferential treatment to countries which are not members.
Non-Tariff Measures: Government measures other than tariffs that restrict trade flows, eg import licensing, or overly stringent technical standards.
Rules of Origin: These are laws, regulations and administrative rulings applied by governments to determine the country of origin of goods.
Safeguard Measures: An urgent temporary measure (usually a temporary tariff increase or surcharge) designed to remedy serious injury to an industry resulting from sudden surges or increases in competing imports. Safeguard measures deal with goods that are being "fairly traded". In contrast, anti-dumping measures deal with goods which are being traded "unfairly" ie dumped.
Sanitary and Phytosanitary Measures: Border control measures necessary to protect human health, animal or plant life or health, eg biosecurity measures to prevent the spread of foot and mouth disease, or to establish permissible residue levels in food and drink imports.
Tariff: a duty or tax levied at the border on goods going from one customs territory to another.
TCF: shorthand for textiles, clothing and footwear.
Technical Barriers to Trade: Impediments to trade resulting from the existence of standards and conformity assessment systems. (See non-tariff measures). These may become a problem in international trade where the standards are designed primarily as a restriction to trade rather than to address legitimate consumer issues: eg electrical safety standards.
WCO: World Customs Organization.
WTO: The World Trade Organization. Established on 1 January 1995 as the successor to the GATT. The GATT is now one of the Agreements administered by it. The WTO is an organisation for the discussion, negotiation and resolution of trade issues covering goods, services and intellectual property.
