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Tariff final
Trade agreements, import/export permits
| Question | Answer |
|---|---|
| Definition of a trade agreement | A legal agreement between two or more countries that provides benefits to all countries involved |
| A valid NAFTA certificate lowers the duty rate on a good by how much? | Eliminates it |
| Tariff treatments and trade agreements may have provisions on other things such as? | Government procurement Services Intellectual property Labour Investments Environment |
| Objective of NAFTA | Eliminate barriers of trade Promote fair competition Increase investment opportunities Protection of intellectual property Procedures for administration & dispute resolution |
| How is Regional Value Content expressed? | As a percentage |
| What are the two types of formulas used for RVC? | Transactional Value and Net Cost |
| What is the minimum percentage requirement for transactional value? | 60% |
| What is the minimum percentage requirement for net cost? | 50% |
| What type of goods require import permits? | goods that compete with vulnerable Canadian industries |
| Give examples of goods that compete with vulnerable Canadian industries | military goods non-renewable resources endangerd species |
| EIPA | Export & Import Permits Act |
| What OGD administers the EIPA? | Global Affairs |
| Minister if International Trade has what powers regarding permits? | Issue Alter Suspend Cancel Reinstate |
| EIPA legislates the Governor in Council to establish what? | List of restricted and prohibited goods for import/export |
| What do the regulations for import permits define? | They define the terms used Who may apply What must be included in the application Responsibilities of permit holder Procedures for lost permits |
| Sec 5.1 empowers the Governor in Council of EIPA to establish a list called? | Import Control List |
| What is the purpose of the Import Control List? | List the goods that require an import permit |
| Goods that require an individual permit usually fall into two categories. What are they? | Agricultural and Firearms & Ammo |
| The WTO signed an agreement that eliminated the requirement of Import permits for which goods? | Apparel and textiles since 2005 |
| How does an importer found out if an individual or general import permit is needed?? | They consult the Handbook of Import & Export Commodity Codes |
| When importing goods that require a permit the cargo control and release docs must have what on them? | The General Import Permit Number ex: GIP NO. 1 |
| Each GIP follows general import terms | False each GIP has specific terms of the permit |
| Import permit applications must contain a commodity code, where is this obtained? | The first 6 digits of the commodity code are the same as the first 6 digits of the HS number |
| Goods that require import permits can also be subject to Tariff Rate Quota's | True |
| What form is used to apply for an import permit? | EXT 1466 |
| Where do customs brokers send the EXT 1466 application form? | Submitted electronically to the Export Import Control System (EICS) |
| Memo D6-2-3 covers? | Refund of Duties |
| What's the difference between Sec 32.2 & Sec 74? | Sec 32.2 covers obligatory corrections, whereas Sec 74 are voluntary |
| Sec 74 What are the limitations regarding the time period allowed to submit a declaration | 4 years except for NAFTA declarations are only permitted for 1 year |
| Tariff preference levels are for which trade agreements? | NAFTA, CCFTA, and CCRFTA |
| TPL | Tariff Preferred Levels |
| The preferential duty rate has been extended to a certain quantity of goods, these goods included? | Yarn, fabrics and non-origination clothing and textile products |
| Quota restrictions eliminate the need for a import permit | False import permits are required for restricted goods |
| Who allocates quotas? | Minister of Foreign Affairs, who heads the department of Global Affairs Canada |
| What is "Within access commitment"? | Tariff rate quotas haven't been met when goods are considered this |
| What is "Over access commitment"? | Goods that have exceeded quantity and will have a higher rate of duty applied |
| Control of within access goods are maintained two ways. What are they? | 1. Through permits based on quota allocations issued by Global Affairs 2. On a first come first serve basis administered by the CBSA |
| EXCAPS | Foreign Affairs/Customs Automated Permit System |
| What is the purpose of the EXCAPS system? | To transmit permit information from Global Affairs Canada to the CBSA (eliminate hard copies) |
| When does an import permit become valid? | Validity begins when Global Affairs has transmitted the permit info to the CBSA |
| CPFTA | Canada Peru free Trade Agreement |
| What date was the CPFTA signed? | May 29, 2008 Royal assent/in effect on June 18th, 2009 |
| What are the major exports of CPFTA? | Cereal, machinery, electronics, aircraft, paper, ore, & veggies |
| What are the major imports of CPFTA? | Precious metals, jewelry, ore, fruits, nuts, fats/oils, veggies, tin, coffee/tea |
| Was CPFTA one of the first trade agreements Canada made/signed? | No, CPFTA was the 5th agreement signed. (after UST, NAFTA, CCFTA, & CCRFTA) |
| What is special about the labour agreements within the CPFTA? | They were the 2nd strongest ever negotiated with Canada Set new standards for labour provisions in Canadian trade agreements |
| CIFTA | Canada Israel Free Trade Agreement |
| When was CIFTA signed? | July 31st, 1996 In effect on Jan 1, 1997 |
| CIFTA was Canada's first trade agreement outside of the western hemisphere. | True |
| CIFTA major imports | Pharmaceuticals, electric, precious metals, machinery, specialized instruments, plastics, aircraft |
| CIFTA's major exports include | machinery & equipment, paper, precious metals aircraft, electrical, salt/stone & cement, |
| CCRFTA | Canada Costa Rica Free Trade Agreement |
| When did the CCRFTA come into effect? | Nov 1, 2002 |
| When did the modernization of CCRFTA begin? | 2011 to present (7 round tables have occurred so far) |
| What agreements on trade are the modernization of CCRFTA trying to include? | Services, financial services, investment, and government procurment |
| How much has CCRFTA increased trade? | 35% |
| Canada imports a lot more from Costa Rica through the CCRFTA then it exports | True |
| CKFTA | Canada Korea Free Trade Agreement |
| When did CKFTA come into effect? | Jan 1, 2015 |
| CKFTA was the fist trade agreement in the Asia-Pacific region? | True |
| CKFTA will increase market access to which key sectors in Ontario? | Aerospace, medical devices, food manufacturing, ICT, life sciences, metals & minerals, |
| South Korea is Ontario's 16th largest export destination | True |
| Tariff treatments determine the rate of duty applied to imported goods | True |
| MFN | Most favoured nation |
| GPT | General preferential tariff |
| LDCT | Least developed countries tariff |
| Tariff treatment code 10 UST ? | US (United States Tariff) |
| Tariff treatment code 11 MT ? | MX (Mexico Tariff) |
| Tariff treatment code 12 MUST? | MX/US (Mexico-United States) |
| K11 | Is a certificate of damaged goods |
Created by:
susancurtis
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