| Summary/Abstract |
1. On 31 July 2015, the Dispute Settlement Body of the World Trade Organization (WTO) adopted the panel and appellate reports on Peru—Agricultural Products.1 In this dispute, Guatemala challenged additional duties on imports of milk, maize, rice and sugar that Peru had imposed under a so-called “Price Range System” (PRS)—a stabilization mechanism for neutralizing fluctuations of international prices. The PRS enables the Peruvian government to apply variable duties additional to the tariff if the international reference prices for the subject products are lower than certain floor price levels, and tariff rebates if those reference prices are higher than certain ceiling price levels.2 The PRS operates under Supreme Decree No. 115-2001-EF published on 22 June 2001.
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