Bound rate, simple mean, manufactured products (%)

The simple mean bound rate represents the unweighted average of established tariff lines within a nation's trade schedule where binding rates are applied, reflecting commitments made during international trade negotiations. These rates serve as legally enforceable ceilings on tariffs, ensuring predictability in trade relations. Focusing specifically on manufactured goods, this metric encompasses a wide array of products classified under SITC revision 3 categories 5 through 8, while excluding division 68, which pertains to recycling and waste products. This indicator not only provides insights into a country’s import tariff structure but also indicates the overall trade openness regarding manufactured goods, ultimately influencing market access and competitiveness in the global marketplace. Source: