Principles of applying a transitional RCEP safeguard measure

Bao Ngoc

08:15, 26/03/2022

On March 23, 2022, the Ministry of Industry and Trade issued Circular 07/2022/TT-BCT guiding the implementation of trade remedies in the Regional Comprehensive Economic Partnership Agreement (RCEP Agreement).

Accordingly, the principles for applying transitional RCEP safeguard measures are as follows:

- At the same time, the transitional RCEP safeguard measure and the safeguard measure specified in Article 91 of the Law on Foreign Trade Management shall not be applied simultaneously to the same imported goods entitled to import tax rates. special privileges under the RCEP Agreement.

Specifically, safeguard measures under Article 91 of the Law on Foreign Trade Management include:

+ Apply self-defense tax;

+ Apply import quotas;

+ Applying tariff quotas;

+ Issuing import permits;

+ Other self-defense measures.

- The transitional RCEP safeguard measure is not applied beyond the transition period .

(Transitional period is the period from the date of entry into force of the RCEP Agreement until the end of 08 years after the date of completion of the elimination or reduction of tariffs for each type of goods according to Vietnam's Tariff Commitments Schedule in the Agreement). RCEP regulations).

Circular 07/2022/TT-BCT takes effect from May 8, 2022.

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