Regulations
WTO Valuation Agreement
Also known as: GATT Valuation Agreement, CVA, Article VII Agreement
A multilateral treaty establishing uniform methods for determining the customs value of imported goods, based on the transaction value.
Also known as: GATT Valuation Agreement, CVA, Article VII Agreement
A multilateral treaty establishing uniform methods for determining the customs value of imported goods, based on the transaction value.
The WTO Valuation Agreement (formally the Agreement on Implementation of Article VII of the GATT) establishes uniform rules for determining customs value of goods. It defines six valuation methods to be applied in hierarchical order, with the transaction value as the primary method.
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Process of determining the customs value of imported goods using the six methods of the WTO Valuation Agreement, used to calculate duties and taxes.
ValuationTransaction Value
The price actually paid or payable for imported goods, adjusted as prescribed by the WTO Valuation Agreement. It is the primary method for determining customs value.
ValuationComputed Value
The fifth WTO customs valuation method that determines customs value by adding the production costs of imported goods: materials, manufacturing, producer's profit and general expenses, plus transport and insurance costs to the point of importation.
ValuationFallback Value Method
The sixth and final WTO customs valuation method applied when none of the five preceding methods can determine customs value, using reasonable criteria consistent with the Agreement's principles, based on data available in the country of importation.
TradeCustoms Value
The monetary amount on which import duties are calculated, determined according to the WTO Valuation Agreement with transaction value as the primary method.