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What is bound rate under WTO?

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What is bound rate under WTO?
posted Sep 1, 2017 by Swati Tyagi

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Bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity. Here, each country commits itself to a ceiling on customs duties (tariff) on a certain number of products. These rates vary from country to country and commodity to commodity. But no country can raise duties above the bound rate it has committed, and the rate of customs duty actually applied may be lower than the bound rate.

answer Sep 5, 2017 by Shantanu Arora