As part of the list of concessions agreed upon during the third round of negotiations of mutual tariff reduction under the Asia-Pacific Trade Agreement, from September 1st, China will reduce tariffs of more than 1700 imported products. These products originate from five Asian countries: Republic of Korea, India, Sri Lanka, Bangladesh and Laos. As well as this, China will place preferential duties on part of imports produced from Laos and Bangladesh.

This governmental decision, discussed and passed by the Customs Tariff Commission of the State Council of China and approved by the State Council of China, was announced by the Ministry of Finance of China on August 17th.

According to the Ministry of Finance, the export items that enjoy China's favorable or preferential tariff terms include agricultural products, medicines, chemical products, textiles, metal products, mechanic & electronic products, automobiles including their parts and many others. Meanwhile, these five Asian countries will place preferential tariffs on some Chinese exports such as chemical products, wooden products, plastic items, leather items, metal products and mechanic & electronic products.

By People's Daily Online