Appendix 3: Glossary
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AMS |
Aggregate measurement of support. This refers to the level of subsidy agreed to under WTO schedules. |
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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. |
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Brexit |
The UK’s withdrawal from the EU. |
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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. |
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CETA |
Comprehensive Economic and Trade Agreement between the EU and Canada. |
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CJEU |
Court of Justice of the European Union. |
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Common External Tariff |
This refers the tariffs imposed on all goods imported into the EU’s customs union from third countries. |
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DExEU |
Department for Exiting the EU. |
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DIT |
Department for International Trade. |
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EEA |
European Economic Area, covering all those party to the EEA agreement: all EU Member States and Norway, Liechtenstein and Iceland. |
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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. |
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FTA |
Free Trade Agreement. |
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GATS |
The General Agreement on Trade in Services at the WTO. |
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GATT |
The General Agreement on Tariffs and Trade at the WTO. |
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GPA |
Government Procurement Agreement. |
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ISDS |
Investor-state dispute settlement. |
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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. |
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NTB |
Non-tariff barriers. This refers to all barriers to trade other than tariffs including quotas, embargoes, sanctions and other regulatory restrictions. |
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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. |
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Schedules of concessions |
These detail WTO members’ commitments on tariffs and restrictions to trade at the WTO. |
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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. |
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Tariffs |
Levies imposed on traded goods. |
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TFEU |
Treaty on the Functioning of the EU. |
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TRQs |
Tariff Rate Quotas. |
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TTIP |
Trans-Atlantic Trade and Investment Partnership. |
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WTO |
The World Trade Organisation. |