Agreement on Implementation of Article VII of GATT 1994

The Agreement on Implementation of Article VII of GATT 1994 sets rules for how countries determine the value of goods for customs and import duties. It ensures a consistent, fair approach so that import taxes are based on the actual value of goods, not arbitrary or subjective measures. This helps prevent countries from unfairly increasing tariffs and promotes transparent, predictable trade practices. Essentially, it provides a standardized method for evaluating the worth of goods when they cross borders, facilitating smoother international trade and reducing disputes over customs valuations.