Brexit: the options for trade Contents

Appendix 3: Glossary

AMS

Aggregate measurement of support. This refers to the level of subsidy agreed to under WTO schedules.

Association Agreements

An EU Association Agreement is a treaty between the EU, its Member States and a non-EU country that creates a framework for co-operation between them.

Brexit

The UK’s withdrawal from the EU.

CCP

Common Commercial Policy of the EU—which includes reference to the EU’s Common External Tariff, and the EU’s wider trade policy with third countries.

CETA

Comprehensive Economic and Trade Agreement between the EU and Canada.

CJEU

Court of Justice of the European Union.

Common External Tariff

This refers the tariffs imposed on all goods imported into the EU’s customs union from third countries.

DExEU

Department for Exiting the EU.

DIT

Department for International Trade.

EEA

European Economic Area, covering all those party to the EEA agreement: all EU Member States and Norway, Liechtenstein and Iceland.

EFTA

European Free Trade Area. This consists of a free trade area between the EFTA states (Norway, Liechtenstein, Iceland and Switzerland). EFTA conducts FTA negotiations on behalf of its members; and for those members party to the EEA Agreement, it also provides the basis for the EFTA Surveillance Authority and the EFTA Court.

FTA

Free Trade Agreement.

GATS

The General Agreement on Trade in Services at the WTO.

GATT

The General Agreement on Tariffs and Trade at the WTO.

GPA

Government Procurement Agreement.

ISDS

Investor-state dispute settlement.

MFN

Most Favoured Nation. At the WTO, members have to offer all other members the same levels of market access unless they have agreed a FTA or entered into a customs union.

NTB

Non-tariff barriers. This refers to all barriers to trade other than tariffs including quotas, embargoes, sanctions and other regulatory restrictions.

Rules of origin

These are used to determine the country of origin for a product for purposes of identifying what tariff should be imposed when a good is imported from outside a customs union.

Schedules of concessions

These detail WTO members’ commitments on tariffs and restrictions to trade at the WTO.

Single Market

The Single Market refers to the market which exists between the EU’s Member States. It consists of the free movement of goods, people, services and capital through harmonised rules interpreted by the Court of Justice of the European Union.

Tariffs

Levies imposed on traded goods.

TFEU

Treaty on the Functioning of the EU.

TRQs

Tariff Rate Quotas.

TTIP

Trans-Atlantic Trade and Investment Partnership.

WTO

The World Trade Organisation.





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