Thu. Mar 28th, 2024
China

China has announced to cut the import tariffs on more than 850 key commodities which include the most desired edible item in China frozen pork, technical components and pharmaceuticals from January next year.

The decision to cut import tariff has been approved by China’s cabinet which will lower tariffs on more than 859 types of products for all trading partners to below the rates that most-favoured nations enjoy, the Finance Ministry said Monday.

The announcement to cut import tariff on such vast range of edible, pharmaceuticals and hi-tech products have come after the first phase of China-US trade deal which was signed by both sides in the first week of December.

This reduction in tariff on a range of items will lower the price which most-favoured-nation enjoy while trading with China currently.  The most-favoured-nation rates are the lowest possible tariffs a country can offer to its trading partners.

China has suffered badly with acute shortage of African pork after African Swine- Fever, over a million of pigs have been culled, affecting China’s own reserves of the country’s most desired meat and raising the price of pig meat up to double. The decision of reducing the tariff could relax the sky-rocketing price of staple meat in China.

The rate has been slashed down on pharmaceuticals and a range of chemical products like diabetes and asthma medicines, semiconductor testing and taping equipment, memory chips and aluminium valves, edible products include fish, cheese and nuts.

The statement issued by the finance ministry said that the goods imported from New Zealand, Peru, Costa Rica, Switzerland, Iceland, Australia, South Korea, and Pakistan will also be subject to even lower levies under re-negotiated bilateral trade agreements.

‘China would accelerate the construction of high-standard free trade zones” that are “conducive to sharing development results with other countries and regions, and creating a new situation in international trade that is open to cooperation, inclusive, and sharing a win-win situation,’ says the statement issued from the ministry.

China also said last week after the first phase of  US-China trade deal that a list of US chemicals that is in pipeline to be exempted from import tariffs like industrial glue, adhesives, polymers and types of paraffin can fall into the category of cosmetics and food.

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