Essential products
Essential products: WTO members may in defined circumstances impose restrictions on imports under GATT Article XII to safeguard their balance of payments. Developing-country members may also use Article XVIII. In doing so, they may give priority to the import of products deemed more essential than others. The Understanding on the Balance-of- Payments Provisions of the GATT, concluded during the Uruguay Round, defines "essential products" as those which meet basic consumption needs or those which contribute to an improvement of the balance-of-payments situation, such as capital goods or other inputs into production.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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