A tariff rate quota is an import quota that allows a quantity of a specified good to enter a country at a reduced tariff rate.
The steel quota:
- improves market access for certain hot and cold rolled steel products
- reduces barriers to the trade of these goods between Indonesia and Australia.
The tariff rate quota for the export of certain steel products to Indonesia is in force as part of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).