Consider the following statements. General Agreement on Tariffs and Trade (GATT) obligates countries not to impose tariffs beyond bound rates. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity. Bound rate agreed for any commodity at WTO is same for all the members of WTO. General Agreement on Tariffs and Trade (GATT) allows countries to deviate from their trade obligations on grounds of national security.How many of the above statements is/are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer?

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Consider the following statements.

General Agreement on Tariffs and Trade (GATT) obligates countries not to impose tariffs beyond bound rates.
Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.
Bound rate agreed for any commodity at WTO is same for all the members of WTO.
General Agreement on Tariffs and Trade (GATT) allows countries to deviate from their trade obligations on grounds of national security.

How many of the above statements is/are correct?

a)
Only one
b)
Only two
c)
Only three
d)
All four

Correct answer is option 'C'. Can you explain this answer?

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Most Upvoted Answer

Consider the following statements. General Agreement on Tariffs and Tr...

Statement 3 is incorrect.

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.

General Agreement on Tariffs and Trade (GATT) obligates countries not to impose tariffs beyond bound rates.

Article XXI of GATT which allows countries to deviate from their trade obligations on grounds of national security. Specifically, Article XXI(b)(iii) of GATT allows a country to take any action ‘which it considers’ necessary for the protection of its essential security interests taken in time of war or other ‘emergency in international relations’.

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Consider the following statements. General Agreement on Tariffs and Trade (GATT) obligates countries not to impose tariffs beyond bound rates. Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity. Bound rate agreed for any commodity at WTO is same for all the members of WTO. General Agreement on Tariffs and Trade (GATT) allows countries to deviate from their trade obligations on grounds of national security.How many of the above statements is/are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer?

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