TRIMs Abbreviation

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Popular abbreviations of TRIMS:

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What does TRIMs mean?

Trade-Related Investment Measures remove the trade barriers so that the international firm can operate efficiently in the foreign market. The TRIM prohibits the measures that can affect the quantitative restriction requirement of the General Agreement on Tariff and Trade.

The TRIM was signed at the end of the Uruguay Round Negotiation, and it is one of the four major principal agreements of the World Trade Organization. The agreement was established on 1st January 1995.

The TRIM has these investment measures – imposing the foreign investor to use the local products, export and import should be in equal quantities, to balance the foreign exchange, not to export a specified proportion of local production.

The role of the WTO is to notify agreement terms of all members and prohibit the provisions conflicting with the agreement. The WTO also reported ending the agreement after the expiration of the transition period.

The transition periods are as follows:

• Developed countries are allowed a transition period of two years.
• Developing countries are allowed five years.
• Seven years in the case of LDC.

Prohibited terms

• Local Content Requirement – Measures requiring the purchase of domestic goods concerning the volume of the product.
• Trade Balancing Requirement – Balancing the exports with the imports of the products.
• Foreign Exchange Restrictions – Measures restrict the importation of goods by limiting the foreign exchange related to foreign exchange inflows.
• Export Restrictions – It restricts the export of the product for the value of the product in the local market.

TRIM may include the following requirement

• Produce locally
• Export a certain percent of goods
• Achieve a certain percentage of local content
• Balance the amount of export and import
• Access to technology and business information to local people.