The Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (GATT) 1994 is an international agreement that aims to ensure transparency and predictability in the administration of customs laws and regulations. It covers the rules and procedures for customs valuation, which is the process of determining the value of imported goods for the purpose of assessing customs duties.
The agreement was negotiated during the Uruguay Round of trade negotiations, which took place from 1986 to 1994. It was concluded in 1994 as part of the package of agreements that established the World Trade Organization (WTO). The agreement entered into force on 1 January 1995 and is binding on all WTO members.
The agreement sets out the principles for customs valuation, which include the use of transaction value, which is the price actually paid or payable for the goods, as the primary basis for valuation. It also provides for the use of alternative methods of valuation in certain circumstances, such as when the transaction value cannot be determined or is not acceptable.
The agreement requires WTO members to ensure that their customs laws and regulations are consistent with its provisions and to establish procedures for the review and appeal of customs valuation decisions. It also establishes a Committee on Customs Valuation, which is responsible for monitoring the implementation of the agreement and for providing guidance and assistance to WTO members on customs valuation issues.
The agreement has played an important role in promoting transparency and predictability in the administration of customs laws and regulations, which has helped to reduce trade barriers and promote international trade. It has also contributed to the development of a more level playing field for international trade, as it has helped to ensure that all countries apply the same rules and procedures for customs valuation.
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