India and Thailand Reset Bearing Tariffs
Resource from: www. ebearing.com Likes:2980
Aug 11,2004
India and Thailand have settled long-running trade negotiations, cutting high tariffs on 82 items, including bearings.
The changes follow an October 2003 free trade agreement eliminating all tariffs between the two countries by 2010. Eventually, Bangladesh, Myanmar and Sri Lanka are expected to be included in that free trade area.
Trade between the two countries now totals more than USD $2.1 billion each year, but with Thailand running a substantial deficit. The tariff adjustments, particularly because they involve high value products, are expected to boost trade on both sides.
Thailand now imposes tariffs ranging from 1% to 60% on products from India, while India charges duties on Thai-origin products that range from 10% to 100%.
The key stumbling block in the Bangkok negotiations had been establishing rules to define "origin" and "substantial transformation," with bearings the key manufactured product involved.
Under substantial transformation rules now, tariffs on manufactured products are based on the degree of change between raw material (particularly imported raw materials) and the end product.
India, with the stronger manufacturing economy, wanted both direct-origin and substantial transformation products classed together, while Thailand's negotiators contended doing so would effectively wipe out their exports from five industries, including bearings.
The final compromise states ball bearings and four other items must contain 20% to 40% local content to qualify as substantially transformed and local origin.
Tariffs on all the negotiated products will be cut in half by the end of September 2004, and cut in half again by September 2005. By September 2006, the treaty requires eliminating all tariffs.
(www. ebearing.com)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
