What is the principle of predictability and how it is significant?

According to the WTO Cell - Industries, Commerce & Investment Department, Govt. of the Punjab, a predictable business environment is important for the promotion of international trade among WTO members. This is achieved by (a) binding market opening commitments and (b) tariff rates by the WTO members’ parties. WTO members cannot normally raise their tariff barriers beyond their bound levels without a complicated process of extensive negotiations and compensation to trading partners.

Note: The above information is based on the Frequently Asked Questions (FAQs) booklet, issued by the WTO Cell Industries, Commerce & Investment Department, Govt. of the Punjab. Please visit the official website of the Govt. of Punjab for up-to-date information and details.

Tags: Trade, Business, WTO, Pakistan

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