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Tariff reduction commitments under WTO completed

19
Dec '08
The Ministry of Finance announced on December 17 the further adjustment of import and export tariffs. China import and export tariffs for 5 more commodities will be reduced from January 1 next year

Up to now, except the 5 commodities declared recently and which still have one year of tariff reduction period, China has basically fulfilled the tariff reduction commitments when acceding to the WTO.

The official from the Ministry of Finance said, as the adjustment involves smaller range of goods and the reduction of tariff rates is smaller, it will have little effect on China's general tariff level.

The general tariff level for 2009 will be 9.8 percent, the same as that of 2008, of which, average tax rate of agricultural products will be at 15.2 percent and that of industrial products 8.9 percent.

From 2002 to 2005, China made 4 major tariff reductions; tariff levels have declined from 15.3 percent to 9.9 percent and during this period, most of China's products fulfilled tariff reduction commitments in addition, some individual product lines were deleted.

After this adjustment, the number of China's import and export tariff lines will be increased from 7758 in 2008 to 7868 in 2009.

Fibre2fashion News Desk - China
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