Is the 'CEPT Base Rate' in the Products and Tariff Reduction Programmes under the Common Effective Preferential Tariff Scheme (CEPT) (or Product List) the MFN rate?
Yes. However, there are certain qualifications to this. First, for some PTA products in CEPT Scheme, the base rate is the MFN rate after accounting for the margin of preference (MOP). Second, countries may have effected MFN reductions after the publication of the Product List. Therefore, the base rate may not be reflective of the latest MFN rates of Member Countries. In any case, traders are allowed to choose the lowest rate applicable.