Import Quota


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Import Quota

Puts limits on the quantity of certain products that can be legally imported into a particular country during a particular time frame. There is a Fixed quota, which is a maximum quantity not to be exceeded, and tariff rate surcharge, which permits additional quantities but at much higher duty.

Import Quota

A protectionist regulation setting a maximum number of imports for a certain good over a given period of time, usually a year. For example, if a country wants to encourage domestic production of automobiles, it might set a limit on how many foreign cars may be brought into the country each year. While import quotas were once a relatively common form of protectionism, the 1995 renegotiation of the General Agreement on Tariffs and Trade put tougher international restrictions on them. Critics allege that import quotas, in addition to depriving the state of tariff revenue, lead to corruption (in the form of bribing customs agents) and smuggling. Many economists therefore believe that import quotas are less efficient than tariffs.

import quota

see QUOTA.
References in periodicals archive ?
decision to slap import quotas on Chinese textiles in a bid to protect domestic producers.
EUROPEAN import quotas for lamb need re-assessing to prevent New Zealand sheep meat being dumped In Britain, Plaid Cymru has claimed.
The country also set its 2013 non-State fuel oil import quota at 16.
ANF has charged both Mousa Gilani and Makhdoom Shahabuddin of having been involved in allocation of excessive import quota of ephedrine, a controlled chemical substance to two companies in 2010 in violation of rules by pressuring the concerned authority.
The report said that on July 13, 2010 the Thai Cabinet agreed to terminate the import quota regime for breeding layers in an attempt to ease escalating domestic egg prices.
Barrett, 28, who has agreed a contract of around pounds 200,000-a-season, is staying with St George until the end of the year when he is set to replace Dennis Moran on the import quota.
Unlike for mandarins, there is no EU import quota system for Chinese strawberries.
Penn, sugar users called for an import quota increase of about 1 million tons, consisting of both raw (unrefined) and refined sugar.
Wilshere, 27, who does not count on the import quota, will stay at relegation certainties Leigh this season before moving to the Reds next year.
The United States and the European Union have decided to comply with the WTO rule to abolish import quota for textiles and garments in 2005.
It may not be too late for customs duty relief and import quota requirements applications.