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China, Brunei, Malaysia, Indonesia, Myanmar, Singapore and Thailand agreed mutual tariff cuts on 7,455 commodities yesterday.
The move was made in compliance with the Trade in Goods Agreement of a Framework Agreement for Overall Economic Cooperation between China and members of the Association of Southeast Asian Nations (ASEAN) signed last November.
Experts believe that implementation of the tariff cut plan will enormously expand trade between China and ASEAN, and will be of far-reaching significance in the future development of Sino-ASEAN economic and trade relations.
Beginning yesterday, Chinese customs officers started to levy and clear commodities with certificates of origin issued by organizations authorized by the governments of Brunei, Malaysia, Indonesia, Myanmar, Singapore and Thailand, according to tariffs readjusted in accordance with the agreement.
In Kunming, the capital of Yunnan Province, 946 trade companies have applied to register "Forme," or the certificate of origin.
The General Administration of Customs has opened a special office in the Shenzhen customs house, another major port of imported commodities from ASEAN in Guangdong Province, to specialize in granting certificates of origin.
By 2010, China and six old ASEAN member nations, including Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, will impose zero tariffs on many products, while China and the other four new ASEAN members of Cambodia, Laos, Myanmar and Vietnam will do the same in 2015, when free trade between China and ASEAN nations will be made possible.
The Sino-ASEAN Free Trade Zone has a population of 1.7 billion and US$2 trillion in gross domestic product, plus US$1.2 trillion in trade terms.
It will be the third largest global trading region after the EU and the North American Free Trade Zone.
China has already signed a zero-tariff agreement on fruit with Thailand, in force since last year.
(China Daily July 21, 2005)
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