China passes bill to slash customs duties on 201 IT products
[SHANGHAI] China will gradually eliminate customs duties for 201 information technology products covered by a US$1.3 trillion World Trade Organisation (WTO) deal under a bill passed on Saturday by its legislature, state news agency Xinhua reported.
The bill, approved by the Standing Committee of the National People's Congress, ratifies an amendment to a tariff concession schedule of China's WTO accession protocol.
The ratification is part of the first global tariff-cutting deal in 18 years. The WTO finalised the list of 201 IT products to be freed from import tariffs in July 2015.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Indonesia’s central bank surprises with ‘pre-emptive’ rate hike to cushion falling rupiah
South Korea’s economic growth beats forecast as exports rise
China 2024 growth outlook raised to 4.8%, deflation risk lingers
Luxury sector outlook clouded by China’s slow recovery
‘We aren’t going anywhere’: TikTok CEO expects to defeat US restrictions
TikTok artists and advertisers to stay with app until ‘door slams shut’