New Round of Tariff Reduction Take Effect since Sep. 1

Resource from: cbcc-yinx Likes:2949

Aug 23,2006

New Round of Tariff Reduction Take Effect since Sep. 1 According to "Asian-Pacific Trade Agreement", the former "Bangkok Agreement", from September 1 on, the third round tariff reduction will be taken effect. Then, tariff on over 1700 goods will be decreased in South Korea, India, Sri Lanka, Bengal and Laos, of which Laos and Bengal will take more preferential tariff policy. "Compared to the existing tariff reduction, new round of reduction will be substantial and cover more goods, being favourable for our further openning the East and South Asian market, promoting trade exchange between Chinese enterprises and other members of the Asian-Pacific Agreement" said Mr. Ding haibin, vice director of Foreign Commerce and Trade Bureau in Ningbo city. Statistics from Ningbo Foreign Commerce and Trade Bureau show that in recent years, trade exchanges with the above mentioned five countries, especially Bengal, Sri Lanka and South Korea, are growing increasingly. In the first-half, local export to Bengal reached USD39.65 million, increased by a year-on-year 49.7%; to Sri Lanka USD21.94 million, a rise of 38.4%; South Korea USD1.26 billion, grew by 28.5%. Goods exported to these countries are dominanted by clothing, ship, bearing, steel product, seafood etc.

(cbcc-yinx)

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