China to reduce tariffs on 8,549 types of goods originating in India and four other Asian countries

Beijing: China will reduce or cut to zero tariffs on a total of 8,549 types of goods originating in India and four other Asian countries from 1 July, according to the Ministry of Finance.

The adjustment, covering products made in India, Bangladesh, Laos, South Korea and Sri Lanka, was part of the tariff concession arrangement reached under the Asia-Pacific Trade Agreement (APTA), it said.

The goods include chemicals, agricultural and medical products, clothing, steel and aluminium products. The items on the list from the five Asian countries will have a new tariff rate effective on Sunday.

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Representational image. Reuters

"The change was decided upon as unilateralism and trade protectionism are on the rise and tensions appear in the trade relations among global economies," the state-run China Daily said, referring to the looming US-China trade war.

After the adjustment, tariffs on 2,323 categories of commodities such as certain chemicals, optical components and television cameras will be reduced, state-run Xinhua news agency reported, citing the ministry.

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

The trade agreement, formerly known as the Bangkok Agreement, signed in 1975 and renamed in 2005, has been the oldest preferential trade agreement among economies in the Asia-Pacific region. Formed by six member countries, the trade agreement covers a population of three billion.


Updated Date: Jun 28, 2018 13:08 PM

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