Customs Valuation Agreement Law and Legal Definition

According to 19 CFR 10.402 [Title 19 -- Customs Duties; Chapter I -- U.S. Customs and Border Protection, Department of Homeland Security; Department of the Treasury; Part 10 -- Articles Conditionally Free, Subject to a Reduced Rate, etc.], customs valuation agreement means “the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994, which is part of the WTO Agreement.”