Binding coverage, primary products (%)

This indicator measures the extent to which product lines are covered by legally enforceable bound rates that arise from trade negotiations reflected in a country’s schedule of concessions. Specifically focused on primary products, which are defined as commodities falling within the SITC revision 3 classifications of sections 0-4 and division 68 (nonferrous metals), this metric provides a crucial insight into a nation's commitment to trade stability and predictability. A higher percentage indicates a greater proportion of the market protected against sudden tariff increases, fostering a more favorable environment for producers and exporters. Additionally, understanding this coverage can help policymakers and businesses assess their competitive position and adaptability in the global marketplace, influencing future trade strategies and negotiations. Source: