Because of declining commodity prices, however,
ad valorem equivalents came down only by a quarter, namely from 5.1% in 1996 to 3.9 % in 2001.
Known as
ad valorem equivalents (AVE), they convert specific duties into ad valorem terms because members, including the EU, have a substantial number of their tariff lines expressed as specific duties.
* Data sources, a glossary and methodology outlining the calculation of
ad valorem equivalents and to different aggregation methods for tariff averages round out the publication.
Members of the World Trade Organisation have agreed to settle a formula for calculating how to turn import tariffs which have a specific value into a percentage value of the overall value of the product, known as
ad valorem equivalents.