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of <h1>New Rules Define Key Terms for Trade Agreements and Customs Duties, Including 'Preferential Rate' and 'Verification Authority'</h1> The Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 outlines definitions for terms used within the rules. Key definitions include 'Act' referring to the Customs Act, 1962, 'Preferential rate of duty' and 'Preferential tariff treatment' which relate to customs duties under trade agreements, 'Rules of Origin' as rules for trade agreements per the Customs Tariff Act, 1975, and 'Tariff notification' as notifications specifying preferential customs duty rates. 'Verification' involves checking the authenticity of origin proofs, and 'Verification Authority' is the designated body in the exporting country to handle verification requests. Terms not defined here adopt meanings from the Act.
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