tariff

BD to get more tariff reduction under APTA

MNA Business Desk: The tariff-cut amendment of the Asia-Pacific Trade Agreement (APTA) became effective Sunday, with China’s Ministry of Commerce saying it would facilitate regional economic integration in Asia, according to reports by Xinhua and Global Times.

“The amendment will provide member countries new economic impetus, prompt continued trade increases, facilitate economic integration and help further materialise the Belt and Road Initiative,” the ministry said Sunday in an online statement.

The six members of APTA – China, India, South Korea, Bangladesh, Sri Lanka and Laos – will slash tariffs by an average of 33 per cent on 10,312 product categories.

Laos and Bangladesh, the two least developed countries in the bloc, will enjoy further reductions of up to 86 per cent for more than 1,000 products.

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