Abstract
The Agreement on Subsidies and Countervailing Measures (“ASCM” or “Agreement”) interprets and expands on the subsidies and countervailing duty portions of Article VI and Article XVI of the General Agreement on Tariffs and Trade 1994 (“GATT 1994”). It provides disciplines both over the use of subsidies that may distort trade and over the application of countervailing duties by individual Members of the WTO designed to offset the effect of subsidies. This chapter provides a detailed overview of the rights and obligations established by the ASCM and its interaction with other portions of the WTO Agreement. It will briefly discuss the history of subsidies and countervailing measures since the initiation of the GATT in 1947 and will then discuss each provision of the ASCM in detail. A separate chapter in this book (Chapter 17) discusses injury determinations in anti-dumping and countervailing duty investigations, as governed by the ASCM and the Agreement on Implementation of Article VI of the General Agreement on Tariffs and Trade 1994, also known as the Anti-dumping Agreement or ADA.
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