China And Mongolia Implemented The Tariff Reduction Arrangement Of The Asia Pacific Trade Agreement On January 1

2021/1/3 21:46:00 0

Two Countries Asia Pacific Trade Agreement Tariff Reduction

On January 1, 2021, China and Mongolia mutually implemented the tariff reduction arrangement under the Asia Pacific Trade Agreement. According to the arrangement, Mongolia has cut tariffs on 366 tax items, mainly involving aquatic products, vegetables and fruits, animal and vegetable oils, mineral products, chemical products, wood, cotton yarn, chemical fiber, mechanical products, transportation equipment, etc., with an average reduction rate of 24.2%.

At the same time, China's tariff concession arrangement under the Asia Pacific Trade Agreement is applicable to Mongolia. Specific tariff reduction arrangements can be found in China free trade area service network.

On September 29, 2020, Mongolia officially joined the Asia Pacific Trade Agreement. Become the seventh member state. This is of positive significance for promoting the "belt and road" construction and promoting the process of regional economic integration of developing countries in the Asia Pacific region. At the same time, it also helps to expand the market opening between China and Mongolia and further deepen bilateral economic and trade cooperation. The Asia Pacific Trade Agreement (APTA), formerly known as the Bangkok agreement signed in 1975, is a preferential trade arrangement among developing countries to promote South South cooperation under the aegis of the United Nations Economic and Social Commission for Asia and the Pacific. China formally acceded to the agreement in 2001. At present, its members include Bangladesh, China, India, Laos, South Korea, Mongolia and Sri Lanka.