China, Pakistan to cut bilateral trade tariffs from July
Tuesday, 3 July 2007
BEIJING, July 2 (CEIS): China and Pakistan will start to cut or scrap tariffs on all products from July 1 to boost bilateral trade, Wang Xinpei, spokesman of the ministry of commerce, has said.
The two-phase step is in accordance with a free trade agreement ( FTA) signed by the two countries last November, which aimed to triple the trade volume to 15 billion dollars in five years.
Under the agreement, both sides will, during Phase I, slash tariffs on 85 per cent of the products by different ranges in five years after the agreement is put into force, and eliminate tariffs on 36 per cent of the products in three years.
During this phase, China will largely reduce tariffs on livestock, aquatic products, vegetables, mineral products and textiles, while Pakistan will mainly reduce tariffs on beef and mutton, chemicals and machinery products.
In phase II, which starts from the sixth year after the agreement comes into force, both sides will further reduce tariffs on the products based on the agreement implementation.
The two-phase step is in accordance with a free trade agreement ( FTA) signed by the two countries last November, which aimed to triple the trade volume to 15 billion dollars in five years.
Under the agreement, both sides will, during Phase I, slash tariffs on 85 per cent of the products by different ranges in five years after the agreement is put into force, and eliminate tariffs on 36 per cent of the products in three years.
During this phase, China will largely reduce tariffs on livestock, aquatic products, vegetables, mineral products and textiles, while Pakistan will mainly reduce tariffs on beef and mutton, chemicals and machinery products.
In phase II, which starts from the sixth year after the agreement comes into force, both sides will further reduce tariffs on the products based on the agreement implementation.