List of terms in glossary:
South American trade bloc established by the Treaty of Asunción in 1991 and The Protocol of Ouro Preto in 1994.
Its full members are
Venezuela is a full member as well but has been suspended since December 1, 2016.
Associate countries are
Observer countries are New Zealand and Mexico. The bloc has reduced tariffs on trade between those countries by up to 90%.
Minimal operations are operations regarded as too minor to ever confer originating status, whether carried out individually or in combination. All preferential origin rules contain an article defining the working or processing which is insufficient to confer originating status. This applies even if the product satisfies the list rule. On the other hand, when determining origin within a cumulation system, any working or processing carried out must exceed the above-mentioned minimal operations but does not necessarily need to satisfy the relevant list rule for the arrangement.
The principle of not discriminating between one’s trading partners, i.e. all are granted "most favoured nation treatment". Under WTO rules, an advantage negotiated with one country must be extended to all trading partners who are WTO members.
EU trade policy works externally on two complementary levels: multilateral and bilateral. The “multilateral” level refers to the system of trading rules agreed by all WTO member countries.
Provision under preferential trade arrangements related to the transport of originating goods from one party's territory to another. If, for any reason, the goods pass through or stop over in a country that is neither the partner country nor an EU country, the provision allows for the splitting of consignments in a third country and some other operations provided that the goods remain under customs supervision in the country of transit.
Materials, that do not qualify as originating under an EU preferential trade arrangement including materials whose origin is unknown or not possible to determine.
Products that do not fulfil rules of origin set by a given preferential trade arrangement, therefore cannot benefit from the preferential duty rates of that trade arrangement.
Initial name of the World Organisation for Animal Health, which addresses international standards concerning animal health.
The official publication of record for the European Union. EU legislation can only become legally binding once it has been published in the Official Journal.
Designates the “economic nationality” of the goods and shall not to be confused with "provenance". A good's origin determines what duties, measures, equivalent taxes, quantitative restrictions and obligations apply.