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Terms related to WTO: MFN, CVD, Anti-Dumping Duty & More

April 5, 2024 308 0

  • Most Favored Nation (MFN)
  • Countervailing Duties (CVD)/ Anti subsidy duty
    • Trade import tariffs imposed to nullify the adverse effects of subsidies.
    • They are imposed only under WTO rules.
  • Anti-Dumping Duty
    • Imposed to rectify the situation arising out of the dumping of goods and its trade distortive effect.
    • WTO allows it.
  • Peace Clause 
    • High subsidies are seen to be distorting global trade. 
    • The peace clause protects a developing country’s food procurement programmes against action from WTO members in case subsidy ceilings (Developed countries: 5% and Developing countries: 10%) are breached.
  • Debt Service Ratio 
    • The ratio of its debt service payments (principal + interest) to its export earnings. 
    • A country’s international finances are healthier when this ratio is low.
  • Geographical Indications (GI) are one of the eight intellectual property items coming under WTO’s TRIPS (Trade-Related Intellectual Property Rights) [UPSC 2018]
  • TRIPS Agreement: International legal agreement between all the member nations of the World Trade Organization (WTO) to provide strong protection for Intellectual Property Rights; Came into effect on 1 January 1995. 
  • India enacted the Geographical Indication of Goods (Registration and Protection) Act, 1999 to comply with India’s obligations under the TRIPS agreement.
  • The Controller General of Patents, Designs & TradeMarks (CGPDT), (under the Dept of Industrial Policy and Promotion of the Ministry of Commerce and Industry) is the ‘Registrar of Geographical Indications’. 
  • The National Intellectual Property Rights Policy was introduced as India’s commitment to the Doha Development Agenda (trade negotiation round of the WTO) and the TRIPS Agreement.
  • Department of Industrial Policy and Promotion is the nodal agency for regulating intellectual property rights in India. [UPSC 2017]
  • Place of Effective Management (PoEM) Rules: A place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made; 
    • Helps to assess if companies are setting up shell subsidiaries abroad to evade taxes
  • Base Erosion and Profit Shifting (BEPS) : Outcome of the OECD/ G20 Project to tackle Base Erosion and Profit Shifting; Tackles tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations.
  • Tax Haven: Countries that have lower tax rates, provide secrecy and anonymity to the account holders and do not share tax information with other countries.

 

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UDAAN PRELIMS WALLAH
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Quick Revise Now !
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
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Designed as per recent trends of Prelims questions
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