Jin Renqing, Finance Minister (FM) of China stated that China will honor its free trade area agreements with its trading partners and will offer special preferential tariff rates to about 30 least developing countries next year.
Zero import tariff rates will be applied to "early harvest" products made by the 10 members of the Association of Southeast Asian Nations (ASEAN) as of 2006 according to the China-ASEAN free trade area agreement (FTA), said Jin, also Chairman of the Customs Tariff Commission of the State Council.
He informed that China will impose negotiated tariff rates on 928 products manufactured in the Republic of Korea, India, Pakistan, Bangladesh and Laos according to its commitment upon its signature on the Bangkok Agreement.
China will also impose agreed tariff rates on 2,244 categories of products originating from Pakistan according to its "early harvest" arrangement for the Sino-Pakistan free trade area deal.
Products from Hong Kong and Macao will enjoy zero import tariff rates as from 2006 according to the arrangement between the mainland and the two special administrative regions for closer economic relations.
He also informed that they will offer zero tariff rates to some products from about 30least developing countries, such as Cambodia, Myanmar, Laos, Bangladesh and Sudan to honor the commitments made by Chinese President Hu Jintao at a United Nations summit meeting in September.
They are also considering giving similar treatment to some products from other least developing countries.
Ministry of Commerce of the People's Republic of China
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