Glossary of Customs and Trade Terms

G

G7	The members of the G7, the United States, Japan, Germany, France, Italy, Great Britain and Canada, together with their participating partners, the European Union and Russia, command a majority of the world's capabilities in such fields as GNP, trade, finance and direct foreign investment. At the annual G7 and now G8 Summit of their leaders and through a host of newly created ministerial forums, they have moved adroitly to address priority challenges in the fields of economics, security and the new generation of transnational or global issues.
GATT	Abbreviation for ‘General Agreement on Tariffs and Trade.’ A multilateral treaty to help reduce trade barriers between the signatory countries and to promote trade through tariff concessions. The World Trade Organization (WTO) superseded GATT in 1994. A multilateral trade agreement among autonomous economic entities (not necessarily countries) aimed at expanding international trade as a means of raising world welfare. The GATT was signed in 1947, as an interim agreement. It has been recognized worldwide as the key international institution concerned with multinational trade negotiations. The cornerstone of the GATT has been traditionally the most-favoured-nation clause (Article 1 of the General Agreement), but in the 1970s and 1980s, regional and other trade preference systems became pervasive, weakening the role of GATT in ensuring equal market access among GATT members. The designation ‘GATT’ also refers to the organization headquartered at Geneva through which the Contracting Parties consult on a day-to-day basis regarding the application of GATT provisions. The organization also provides a framework for negotiations--called ‘Rounds’--within which Contracting Parties negotiate to lower tariffs and other barriers to trade and a consultative mechanism that may be invoked by governments seeking to protect their trade interests. With the Tokyo and Uruguay Rounds, the focus of trade liberalization shifted from lowering tariffs to the elimination of non-tariff barriers to trade. Currently, there are 103 GATT Contracting Parties (CPs), accounting for approximately 85 percent of world trade, and some 30 additional countries and dependencies apply GATT provisions on a ‘de facto’ basis and may someday assume full status as Contracting Parties. A number of other countries and customs territories are also seeking membership, including China, Mongolia, Taiwan, Bulgaria, Panama, Paraguay and Honduras.
GDP	Gross Domestic Product – the sum of the economy of a country
General declaration-aircraft	Declaration conforming to the provisions of Annex 9 to the Convention on International Civil Aviation, Chicago 1944. The general declaration is the basic document on arrival and departure providing information concerning the aircraft itself and summary information relating to the itinerary, crew, passengers and health. (WCO)
General declaration-ship	Declaration (IMCO FAL Form 1) conforming to the provisions of the Annex to the Convention on Facilitation of Maritime Traffic, London, 1965. The general declaration is the basic document on arrival and departure providing information concerning the ship itself and summary information relating to the cargo, crew, passengers and voyage. (WCO)
GmbH	Gesellschaft mit beschrankter Haftung. Used in Germany, Austria, Switzerland for a private limited company with limited liability for stock holders.
Goods declaration	A statement made in the form prescribed by Customs, by which the persons interested indicate the Customs procedure to be applied to the goods and furnish the particulars which the Customs require to be declared for the application of that procedure. (WCO)
Gross Weight; G.W.	Entire weight of goods, packing and container, ready for shipment.
GST	Goods & Services Tax. 10% in Australia; 12.5% in NZ
Guarantee	Undertaking by which the surety assumes obligations towards the Customs administration. (WCO)
GVW	Abbreviation for ‘Gross Vehicle Weight.’ The combined total weight of a vehicle and its container, inclusive of prime mover.