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Simple English definitions for legal terms
TEC
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A quick definition of TEC:
Term: TEC
Definition: TEC stands for Tariff Exterior Commun. It refers to the common external tariff that is applied to goods imported into a group of countries. This means that all countries within the group charge the same tariff on goods coming from outside the group. It helps to create a level playing field for trade and prevent unfair competition between countries.
A more thorough explanation:
Definition: TEC stands for Tariff exterior commun. It refers to the common external tariff under TARIFF(2).
Example: The European Union has a TEC, which means that all member countries have the same external tariff for goods imported from outside the EU.
Explanation: The example illustrates how TEC works in the context of the European Union. It means that if a product is imported from a non-EU country, it will be subject to the same tariff rate in all EU member countries. This helps to create a level playing field for trade within the EU and ensures that no member country has an unfair advantage over others.