Approved by the State Council after deliberation of its Customs Tariff Commission, China has, starting from September 1, this year, reduced tariffs on more than 1,700 items, mainly commodities produced in South Korea, India, Sri Lanka, Bangladesh and Laos.

Under the Asia-Pacific Trade Agreement (APTA), previously known as the Bangkok Agreement, China also offers Laos and Sri Lanka tariff concessions on particular items.  Ranging widely from farm products, medicines, chemicals, textiles, metal products to electromechanical products and auto parts, the five countries will be able to export more to China at a lower tariff level. Meanwhile, China's exports, such as chemicals, woodwork, as well as plastic, fur, metal, electrical and mechanical products, also enjoy preferential tariffs in these countries.

The latest tariff reduction, featuring an expanded range, is expected to favor all the members of APTA, help China further explore East and South Asian markets and promote the economic and trade development in the region.  China joined in the Bangkok Agreement in May 2001.

At the end of 2005, the first session of the Ministerial Council of the Bangkok Agreement held in Beijing decided to rename the agreement. To date, six countries, including China, South Korea, India, Sri Lanka, Bangladesh and Laos have signed APTA. In 2005 alone, the trade between China and the other members stood at $134.3 billion with exempted customs duty reaching 85 million yuan ($10.69 million).

(China.org.cn)