What is Preferential Tariff System

A tariff schedule under which one or more nations are given lower rates or other advantages over others. That is one country will give a traffic reduction facilities to other country.
A preferential tariff system can be applied to certain goods from certain specified countries and groups of countries.
The parties to a system of preferential tariffs levy lower rates of duty on imports from one another than they do on imports from third countries.
A tariff which imposes lower rates of duty on goods imported from some countries.
This facility is enhanced and privileged by the membership of World Trade Organization (WTO).
In summary it's a comfort zone for two or more countries how the would like to prefer tariff for export-import.

Qualifying for Preferential Tariff System
To qualify for preferential tariff treatment, imported goods must satisfy all the specific requirements that are applicable to the preferential country or country group in which the goods were produced or manufactured. As a general rule, the goods must:
(a) satisfy the rules of origin applicable to the particular preferential country or country group; and
(b) comply with all other relevant requirements applicable to the particular preferential country or
country group (eg, direct shipment). The rules of origin set out the criteria for determining whether imported goods are to be treated as being the produce or manufacture of a particular preferential country or country group.
Category and Tags
Add a comment
More stories by
President of Ukraine said no to hang his photo in any Government office in Ukraine. How about Bangladeshi President?

Ukraine president Volodymyr Zelensky said in one of his speech " please don't hang any photo of mine in any government office in Ukraine.

BRAC Bank launches the largest student scholarship programme at Dhaka University

BRAC Bank Limited has come forward to provide scholarships to the meritorious students of Dhaka University's Business Studies Faculty as part of its corporate social responsibility (CSR).

Bangladesh discovers first magnetite iron mine in Dinajpur

The Geological Survey of Bangladesh (GSB) today announced that they discovered the country’s first magnetic mine or iron ore at Dinajpur’s Hakimpur upazila.

Average life expectancy of Bangladeshis rises to 72.3

In 2016, the average life expectancy of the people of Bangladesh was 71.

People eating 5gm of plastic every week!

People worldwide could be ingesting five grammes of microscopic plastic particles every week, equivalent in weight to a credit card, researchers said yesterday.

Follow Business Habit on Facebook, Twitter