ZCZC
BCN-37
CHINA-ASIA-PACIFIC-TRADE-AGREEMENT
APTA amendment to help Asian economic integration: MOC
BEIJING, July 1, 2018 (BSS/Xinhua) – The tariff-cut amendment of the Asia-
Pacific Trade Agreement (APTA) became effective Sunday, with China’s Ministry
of Commerce saying it would facilitate regional economic integration in Asia.
“The amendment will provide member countries new economic impetus, prompt
continued trade increases, facilitate economic integration and help further
materialize the Belt and Road Initiative,” the ministry said Sunday in an
online statement.
According to the adjustment, six APTA members including China, India, the
Republic of Korea and Sri Lanka cut tariffs by 33 percent on average for
products under 10,312 tariff codes. Some products from less-developed
Bangladesh and Laos will enjoy special reductions of 86 percent.
It came after a new arrangement was reached during the fourth round of
tariff concession negotiations among the six APTA members in January 2017.
In May 2001, China joined the then Bangkok Agreement, whose name was
changed to the APTA in November 2005. It aims at promoting economic and trade
cooperation among its members through the adoption of trade liberalization
measures.
BSS/XINHUA/HR/1400