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Several Asian Nations Endorsed to Cut Tariffs on 634 Products
A report from the United Nations indicates that China, Laos, Sri Lanka, Bangladesh, India and the ROK have entered into a preferential agreement, endorsing to cut down tariffs on 634 products.
Known as Bangkok Accord, it was formed in 1975, and mainly designed for cutting down tariffs on foodstuffs, leather products, garments and others. According to the statement, China has submitted related documents at the UN-ESCAP meeting held in Bangkok this Monday. China has agreed to lower import tariffs on 634 items from 10 to 84 percent. Other member countries also consented to reduce tariffs on 1400 imported goods.
Zhang Yesui, assistant to Chinese foreign minister expresses that China's participation will bring new vitality to the Accord. China is willing to play a bigger role to speed up the economic development in this region and promote trade cooperation. Pakistan, Vietnam, Myanmar, Nepal and other countries have also showed interests to play a part in the Accord.
The statement points out that China's participation will bring the total population of the member countries to 2.5 billion, constituting the regional trade zone with the biggest market potentials in the world. As for China, joining this Accord will drive China to play a considerable role in promoting the regional economy and trade development. The statement said that as China is experiencing a rapid economic growth and has a great market potential, its participation having caught wide attention of many countries in the region.
By PD Online staff member Li Yan
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