Tariff concessions

Definition

Tariff concessions involve the reduction or elimination of customs duties on imports by a country as part of trade negotiations or agreements. These concessions are often negotiated in international forums to facilitate greater trade between countries by making goods cheaper to import.

Related terms

World Trade Organization (WTO): An international body that deals with the rules of trade between nations, aiming to ensure that trade flows smoothly, predictably, and freely.

International Trade Agreements: Contracts between countries that determine the rules and standards for trading between them, including tariffs and trade barriers.

Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale, often influenced by reductions in trade barriers like tariffs