Trade Agreements

Bahamas Customs

Define Economic Partnership Agreement (EPA)

A scheme to create free trade area among member states

The Bahamas doesn’t have membership with _____

World Trade Organization

Which agreement refers to Rules of Origin and Preferential Tariff?

Economic Partnership Agreement (EPA)

The Bahamas only has observatory status with _____

the World Trade Organization

Six Principles of the WTO Valuation Agreement

Transactional Value on Price Actually Paid or Payable (PAPP)

Identical Goods

Similar

Deductive Value

Computed Value

Fall Back Method

Deductive Value

Based on local sales of identical goods—uses the selling price from a business that sold the most of the identical product on a given day, minus costs (e.g., transport, profit) to find the unit value.

Computed Value

Based on internationally accepted costs to produce a good—includes labor, rent, electricity, and other manufacturing expenses

Which is the most commonly used principle of the WTO Valuation Agreement?

Transactional Value on Price Actually Paid or Payable (PAPP)

Define TRIPS Agreement

Trade Related Aspects of Intellectual Property Rights

Why a new Customs Management Act?

Fulfill Economic Partnership Agreement commitments (signed Oct 2008)

Align with WTO trade rules

Comply with WCO standards (e.g., Revised Kyoto Convention, SAFE Framework)

TRIPS
Customs may act on suspected IP-infringing goods when:

Imported, exported, or re-exported

Entered into bonded warehouse or temporary admission

In transit

TRIPS
Goods infringing intellectual property means:

Counterfeit: Unauthorized use of trademarks (e.g., fake bags, watches)

Pirated: Unlicensed copies violating copyright (e.g., music, videos)

Right Holder: Person/entity owning the IP rights (e.g., trademark/copyright)

Define TRIPS

Trade Related Aspects of Intellectual Property Rights

Define WCO

World Customs Organization

Define ESW

Electronic Single Window