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Textile entrepreneurs to enjoy tariff cuts in ASEAN region
28 Mar '08
1 min read
The textile sector of China is one of the most competitive industries in the international market.
Experts anticipate that once the plan to reduce tariff through Sino-ASEAN free trade agreement is realized, the advantage of Chinese products will increase substantially.
Although most of the countries are likely to list a part of their textile products as sensitive, and will carry out a number of protection measures, the tariff would nonetheless get reduced gradually.
With the commencement of this agreement, between China and ASEAN, the average tax rate for textile goods in Thailand will reduce from the current 10.6 percent to 4.7 percent in 2009 and zero in 2010.
Similarly, in Malaysia, the tax rate for textile products will reduce from 9.2 percent to 3.9 percent in 2009 and zero in 2010.
This will only strengthen the exports from China ensuring that the country remains a manufacturing and supplying hub of the world.
Experts anticipate that once the plan to reduce tariff through Sino-ASEAN free trade agreement is realized, the advantage of Chinese products will increase substantially.
Although most of the countries are likely to list a part of their textile products as sensitive, and will carry out a number of protection measures, the tariff would nonetheless get reduced gradually.
With the commencement of this agreement, between China and ASEAN, the average tax rate for textile goods in Thailand will reduce from the current 10.6 percent to 4.7 percent in 2009 and zero in 2010.
Similarly, in Malaysia, the tax rate for textile products will reduce from 9.2 percent to 3.9 percent in 2009 and zero in 2010.
This will only strengthen the exports from China ensuring that the country remains a manufacturing and supplying hub of the world.
Fibre2fashion News Desk - China
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