Tariff-cut changes effective

Source: Xinhua | 2018-07-02

THE tariff-cut amendment of the Asia-Pacific Trade Agreement became effective yesterday, with the Ministry of Commerce saying it would facilitate regional economic integration in Asia.

“The amendment will provide member countries new economic impetus, prompt continued trade increases, facilitate economic integration and help further materialize the Belt and Road Initiative,” the ministry said yesterday in an online statement.

Under the amendment, six APTA members including China, India, South Korea and Sri Lanka cut tariffs by 33 percent on average for products under 10,312 tariff codes. Some products from less-developed Bangladesh and Laos will enjoy special cuts of 86 percent.

It came after a new arrangement was reached during the fourth round of tariff concession talks among the six APTA members in January 2017.

APTA promotes economic and trade cooperation among its members by adopting trade liberalization measures.