China And Taiwan To Enter Into A Trade Pact That Will Reduce...

China And Taiwan To Enter Into A Trade Pact That Will Reduce Import Tariff


Asia Bizz: China and Taiwan will now enter into a trade pact that will reduce import tariff on each other’s goods, a move that will strengthen both countries trade relation to a new level. The pact has been named “early harvest program”, according to which, China will reduce import tariff on 539 Taiwanese goods and Taiwan on the other hand will do the same with 267 Chinese goods.

According to the reports from China, by two years all the above duties will come down to zero, and this is something which will surely put Taiwan in stronger position when it comes to China’s major import partners. According to the cross-Straits tariff-reduction trade pact, the Chinese customs department have released the first set of import reduced goods on Saturday from Taiwan.

The import on Saturday mostly included fruits with an import duty reduced to 5%. Live Rockfish export from Taiwan, has also witnessed reduced import duties and Taiwan is a major country that exports Rockfish around the world. As China and Taiwan bud their trade relations to a newer level, other countries too will look forward to do the same with the current economic giant.

Source: ChinaDaily