labels: economy - general
China to enter into FTA deals with trading partners from next year news
17 December 2005

Beijing: China will enter into FTA deals with its trading partners from next year. According to the finance minister of China, Jin Renqing, the country will honour its free trade area (FTA) agreements with its trading partners, levy negotiated tariffs on some Indian goods and will also offer special preferential tariff rates to about 30 least developing countries next year.

Zero import tariff rates will be applied to 'early harvest' products made by the 10 members of the Association of Southeast Asian Nations (ASEAN) as of 2006 as per the China-ASEAN free trade area agreement, said Jin, who is also the chairman of Customs Tariff Commission of the State Council, Chinese cabinet.

China will impose negotiated tariff rates on 928 products manufactured in India, South Korea, Pakistan, Bangladesh and Laos as per its commitment under the Bangkok agreement.

China will also impose agreed tariff rates on 2,244 categories of products originating from Pakistan according to its 'early harvest' arrangement for the Sino-Pakistan free trade area deal.

Products from Hong Kong and Macao, both Special Administrative Regions of China, will enjoy zero import tariff rates as from 2006 according to the arrangement between the mainland and the two special administrative regions for closer economic relations.



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China to enter into FTA deals with trading partners from next year