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China, India to offer more favourable tariff lines
Beijing, Feb 23: India and China will offer each other a more preferential tariff status this year than the Most Favoured Nation (MFN) tariff rates after both sides agreed to apply the Bangkok Preferential Trade Arrangement, official sources said here today.
Beijing, Feb 23: India and China will offer each other a more preferential tariff status this year than the Most Favoured Nation (MFN) tariff rates after both sides agreed to apply the Bangkok Preferential Trade Arrangement, official sources said here today.
The agreement was reached after two days of meetings between officials from the Ministry of Commerce and China's Ministry of Foreign Trade and Economic Cooperation (Moftec) which ended here yesterday.
Under the agreement, china has agreed to offer a preferential tariff line on 217 items under its new status as a member of the World Trade Organisation, a member of the Indian delegation said, adding that the agreement would further boost India's exports to China. According to Moftec sources, delegations from both countries agreed after holding "frank and constructive" talks that they would mutually apply the Bangkok Agreement in 2003.
The arrangement can further boost bilateral trade, which had reached a record USD 4.95 billion in 2002, up 33 per cent from the previous year. Signed in 1975, the Bangkok Agreement is a trade arrangement between Asia-Pacific developing nations that features preferential treatment in the area of tariff and non-tariff barriers. Its members include India, South Korea, Bangladesh, Sri Lanka, Laos and China. China had been offering the preferential trade policies under the agreement to goods from other countries, which featured in the list of 217 items.
Bureau Report
Under the agreement, china has agreed to offer a preferential tariff line on 217 items under its new status as a member of the World Trade Organisation, a member of the Indian delegation said, adding that the agreement would further boost India's exports to China. According to Moftec sources, delegations from both countries agreed after holding "frank and constructive" talks that they would mutually apply the Bangkok Agreement in 2003.
The arrangement can further boost bilateral trade, which had reached a record USD 4.95 billion in 2002, up 33 per cent from the previous year. Signed in 1975, the Bangkok Agreement is a trade arrangement between Asia-Pacific developing nations that features preferential treatment in the area of tariff and non-tariff barriers. Its members include India, South Korea, Bangladesh, Sri Lanka, Laos and China. China had been offering the preferential trade policies under the agreement to goods from other countries, which featured in the list of 217 items.
Bureau Report