The Second Amendment to the Asia-Pacific Trade Agreement officially comes into effect

On July 1, 2018, the fourth round of tariff reduction results document of the Asia-Pacific Trade Agreement (hereinafter referred to as the “Agreement”) – the “Second Amendment to the Asia-Pacific Trade Agreement” (hereinafter referred to as the “Amendment”) was officially Effectively implemented. The six member countries of the Agreement, China, India, South Korea, Sri Lanka, Bangladesh, and Laos, will reduce tariffs on a total of 10,312 tax items, with an average tax reduction of 33%. In addition, China, South Korea, India and Sri Lanka have also granted preferential tax rate arrangements for 1,259 products to Bangladesh, the least developed country in the agreement, and 1,251 preferential tax rate arrangements for Laos, with an average tax reduction of 86%.

The “Agreement” was formerly known as the “Bangkok Agreement” signed in 1975. It is a preferential trade arrangement reached among developing countries under the auspices of the United Nations Economic and Social Commission for Asia and the Pacific to promote South-South cooperation. my country officially joined the Agreement in 2001. The Agreement is the first preferential trade arrangement that my country has participated in, covering a population of nearly 3 billion. It is also the only preferential trade agreement currently in effect that covers East Asia and South Asia. In October 2007, the member states of the Agreement launched the fourth round of tariff reduction negotiations. After nine years of consultations, the member states officially concluded the negotiations in August 2016, and in January 2017, the fourth minister of the Agreement The “Amendment” was signed at the level council meeting.

The “Amendment” is an important result completed by the member states of the Agreement after nine years of negotiations. It enriches, improves, supplements and enhances the Agreement, and reflects the members’ intention to further deepen economic and trade cooperation and achieve mutual benefit and win-win results. Real needs and beautiful vision. The formal entry into force of the “Amendment” will provide new impetus for the economic development of the member states of the Agreement, promote the continued growth of trade among member states, and further promote the Asian regional economic integration and the “Belt and Road” construction process.

(The text of the “Amendment” and tariff reduction status can be checked on the China Free Trade Zone Service Network (http://fta.mofcom.gov.cn).)

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