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China Cuts Tariffs for Five Asian Countries

Updated:2018-7-3 10:29:19    Source:www.tannet-group.comViews:640

Following a recent announcement from the Customs Tariff Commission of the State Council, China has adopted conventional tariff rates on a range of imported goods originating from India, South Korea, Bangladesh, Laos, and Sri Lanka.

Beginning July 1, 2018, tariffs on a total of 8,549 goods were reduced or cut to zero.

The tariff cuts target goods such as soybeans, precision instruments, chemicals, agricultural products, clothing, and steel & aluminum products. Some of the significant tariff cuts include:

(1) Soybeans: tariff of 3% reduced to 0%;
(2) Beef: tariffs ranging from 12%-20% reduced to 0%;
(3) Liquefied petroleum gas (LPG): tariff of three percent reduced to 2.1%;
(4) Textile raw materials: tariff of 10% reduced to 6.5%;
(5) Medical x-ray devices: tariff ranging from 2%-4% reduced to 0% to 2.8%.

The tariff concessions are part of a larger commitment to improve trade relations between China and the other five Asia-Pacific member countries that are part of the Asia Pacific Trade Agreement (APTA).

The agreement, signed in 1975, is the oldest preferential trade agreement in the Asia-Pacific region and encompasses approximately three billion people.

Currently, all member countries, including China, have agreed to reduce tariffs by an average of a third on more than 10,000 items.

In addition to these tariff cuts, previously announced tariff cuts on a range of consumer goods also went into force on July 1. (Source: China Briefing)

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