|
China and India are to offer each other a more preferential tariff status this year than most-favored-nation tariff rates, after they agreed to apply a preferential trade arrangement Saturday.
According to the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), delegations from both countries agreed after holding frank and constructive talks in Beijing from Feb. 21-22, they would mutually apply the Bangkok Agreement in 2003.
Signed in 1975, the Bangkok Agreement is a trade arrangement between Asian-Pacific developing nations that features preferential tariff and non-tariff favorable conditions.
Member countries of the arrangement include India, the Republic of Korea, Bangladesh, Sri Lanka, Laos and China.
An unnamed MOFTEC official said the more preferential tariff status would further encourage bilateral trade between China and India.
(Xinhua News Agency February 24, 2003)
|
