In order to realize the customs clearance of each other's goods, China and ASEAN start a tax reduction plan next month
In order to realize the customs clearance of each other's goods, starting from July 20th, China and ASEAN will officially start to give preferential tariff treatment to each other's products of about 7,000 tax items. MicrosoftInternetExplorer402DocumentNotSpecified7.8 pounds Normal0 In order to realize the customs clearance of each other's goods, starting from July 20th, China and ASEAN will officially begin to give preferential tariff treatment to each other's products of about 7000 tax items. The China-ASEAN Free Trade Area is a free trade arrangement established between China and the 10 ASEAN countries. On November 29, 2004, the two sides signed the Agreement on Trade in Goods in Vientiane, Laos. The agreement stipulates that, starting from July 2005, the two parties will implement tax reductions on about 7,000 other taxable products, except for early harvested products and a small number of sensitive products that have been tax-reduced in 2004. By 2010, China, Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand will cancel tariffs on most products and establish a free trade zone. The four new ASEAN members, including Cambodia, Laos, Myanmar, and Vietnam, will enjoy another five-year transition period to achieve free trade with China by 2015. The China-ASEAN Trade Negotiation Committee held its 19th meeting in Beijing from June 22 to 23. Both parties confirmed that the China-ASEAN Free Trade Area tax reduction plan will be launched in July as scheduled. The two parties will use 20 days to conduct technical verification of each other's tariff reduction schedule and adjust the relevant customs data system. Starting from July 20, it has officially started to give preferential tariff treatment to products originating in China and ASEAN in accordance with the timetable stipulated in the Agreement on Trade in Goods. It is understood that Malaysia, Brunei, Singapore, and Myanmar among the ASEAN members have completed the domestic approval procedures for the 'Trade in Goods TariffsFrom July 20th, China and the above-mentioned countries will give each other preferential tariff treatment. The ASEAN members Laos, Cambodia, Vietnam and the Philippines will also implement a mutual tax reduction plan with China after completing domestic procedures.