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China grants zero-tariff to 90% of ASEAN imports

By Ren Jie (chinadaily.com.cn)
Updated: 2009-12-16 17:22

Ninety percent of products traded between China and the Association of Southeast Asian Nations (ASEAN) will enjoy zero tariffs in 2010, Shanghai Securities News reported, citing an official with the Ministry of Finance.

The average tariffs on imports from ASEAN countries would be trimmed to 0.1 percent and the ASEAN-China Free Trade Area (ACFTA) will realize free trade, according to the statement.

More favorable tariffs would be introduced to imports from 17 countries including the 10 member countries of ASEAN, Chile, Pakistan, New Zealand, Republic of Korea, India, Sri Lanka and Bangladesh in 2010.

China and ASEAN began a cooperative dialogue in 1991, and signed the China-ASEAN Framework Agreement on Comprehensive Economic Cooperation in 2002, which envisaged the establishment of the ACFTA by 2010.

In November 2004, China and ASEAN signed an agreement on trade goods, the core part of ACFTA, which took effect on July 20 and established duties reductions for about 7,000 categories of goods.

China became ASEAN's third-largest trading partner in 2009.

China also plans to levy preferential duties on goods from 41 least developing countries, including Laos and Ethiopia. It will grant zero-tariff status to most imports from these countries.

Under the Mainland-Hong Kong Closer Economic Partnership Arrangement and the Mainland-Macao Closer Economic Partnership Arrangement,1,587 items of Hong Kong origin and 1,209 items of Macao origin will not be subject to import tariffs in 2010, the reports said.