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Swiss Formula

 A ‘non-linear formula’ which reduces high tariffs, tariff peaks and tariff escalations. Higher tariffs will be subject to greater reductions compared to lower tariffs. A smaller coefficient would result in a deeper cut compared to ... [read more]

Sustainable Growth

A term much used by environmentalists, meaning economic growth that can continue in the long term without non-renewable resources being used up or pollution becoming intolerable. Mainstream economists use the term, too, to describe a rate ... [read more]

SITS Components

International trade in services is classified broadly into 12 components: Manufacturing services on physical inputs owned by others It covers fees charged by the processor to owner of the goods for manufacturing activities done (i.e., processing, ... [read more]

Single Undertaking

Nothing is agreed, until everything is agreed. Members must accept the results of trade negotiations in all areas instead of being able to selectively accept parts of the negotiations (contrast with early harvest). [read more]

Stockholm Convention

A global treaty to protect the human health and environment from chemicals that remain intact in the environment for long period of time. [read more]


Standstill - one of the nine principles in achieving trade and investment liberalization and facilitation which was stated in the Osaka Action Plan (1995) of APEC. Based on this principle, each APEC member economy agrees not to take any measure that ... [read more]

Spaghetti Bowl Effect

Preferential trade agreements (bilateral and regional PTAs) create fundamental conflicts with multilateralism in that they promote trade liberalization based on discrimination between members of those agreements and non-members. The Spaghetti Bowl ... [read more]

Shipment Contract

Sales/purchase contract where the seller’s responsibility ends when goods are handed over to the first carrier [read more]


Designing, building and construction of all types of floating vessels [read more]


The service sector, also called the tertiary sector, is one of the three parts of the economy in the Three-sector hypothesis. This hypothesis breaks the economy into three main areas so it can be better understood. The other two are the primary ... [read more]

Safeguard Measures

Action taken to protect a specific industry from an unexpected build-up of imports - generally governed by Article 19 of GATT. The Agriculture Agreement and Textiles and Clothing Agreement have different specific types of safeguards: “special ... [read more]