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Tariff Rate Quota

Aerospace and Defense
From Estonia
To Japan
147 views / 0 experts
Jul 28, 2020
What is a Tariff Rate Quota (TRQ)?

1 answer

Jul 28, 2020

Tariff-rate quotas (TRQs) apply to imports of goods and are almost exclusive to agricultural goods. TRQs limit the amount of certain goods that may be imported into a country at reduced or zero rates of Customs Duty over a specified period of time. The limit may be expressed in units of weight, volume, quantity or value. Quantities exceeding the quota are subject to a higher duty rate. TRQs protect domestic producers from having to face competition from large quantities of imports, however they also allow exporters some access to the market.

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