Schedules of concessions

Schedules of concessions are documents in which the specific commitments are listed. World Trade Organization (WTO) negotiations produce general rules that apply to all members, and specific commitments made by individual member governments. For trade in goods in general, these consist of maximum tariff levels. For agriculture they also include tariff quotas, limits on export subsidies, and some kinds of domestic support. The goods schedules are annexed to the General Agreement on Tariffs and Trade (GATT) and are “bound” (GATT Article II). The schedule is normally divided into three column; 1. product classification, 2.description and 3. bound tariff. bound tariff is the maximum tariff that a country can impose however it is not normally the applied tariff mostly for the developing countries which uses a lower tariff known as the effective tariff.

Courtesy of MBOTIRO