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Consider the following statements regarding Bound rates or Bound Tariffs.
1. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.
2. Bound rate agreed for any commodity at WTO is same for all the members of WTO.
Which of the above statements is/are incorrect?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Bound rates or Bound Tarif...
Incorrect Statement Regarding Bound Rates or Bound Tariffs
Incorrect Statement:
1. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.
Explanation:
The statement is correct. Bound rates are the maximum level of tariffs that a country agrees to apply to imports of goods. This is agreed upon in trade negotiations, such as those conducted at the World Trade Organization (WTO).
Correct Statement:
2. Bound rate agreed for any commodity at WTO is same for all the members of WTO.
Explanation:
The statement is incorrect. Bound rates are specific to individual countries and are negotiated based on their own interests and circumstances. Each country sets its own bound rates during trade negotiations. Therefore, the bound rates agreed upon for a commodity at the WTO can vary among different member countries.
In conclusion, while the first statement is correct, the second statement is incorrect as bound rates can differ among WTO member countries.
Incorrect Statement:
1. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.
Explanation:
The statement is correct. Bound rates are the maximum level of tariffs that a country agrees to apply to imports of goods. This is agreed upon in trade negotiations, such as those conducted at the World Trade Organization (WTO).
Correct Statement:
2. Bound rate agreed for any commodity at WTO is same for all the members of WTO.
Explanation:
The statement is incorrect. Bound rates are specific to individual countries and are negotiated based on their own interests and circumstances. Each country sets its own bound rates during trade negotiations. Therefore, the bound rates agreed upon for a commodity at the WTO can vary among different member countries.
In conclusion, while the first statement is correct, the second statement is incorrect as bound rates can differ among WTO member countries.
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Community Answer
Consider the following statements regarding Bound rates or Bound Tarif...
Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity. Here, each country commits itself to a ceiling on customs duties (tariff) on a certain number of products.
These rates vary from country to country and commodity to commodity. But no country can raise duties above the bound rate it has committed, and the rate of customs duty actually applied may be lower than the bound rate.
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Consider the following statements regarding Bound rates or Bound Tariffs.1. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.2. Bound rate agreed for any commodity at WTO is same for all the members of WTO.Which of the above statements is/are incorrect?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Bound rates or Bound Tariffs.1. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.2. Bound rate agreed for any commodity at WTO is same for all the members of WTO.Which of the above statements is/are incorrect?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding Bound rates or Bound Tariffs.1. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.2. Bound rate agreed for any commodity at WTO is same for all the members of WTO.Which of the above statements is/are incorrect?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Bound rates or Bound Tariffs.1. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.2. Bound rate agreed for any commodity at WTO is same for all the members of WTO.Which of the above statements is/are incorrect?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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