China will reduce tariffs on a wide range of goods imported from nine countries starting January 1 in a major move to implement the landmark Regional Comprehensive Economic Partnership (RCEP) agreement, which will promote the growth of regional trade and investment, according to the Ministry of Finance. China’s tariffs on imported goods from Japan, Australia, New Zealand, Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam will be reduced, the Office of the Customs Tariff Commission announced. As a result of this latest move, more than 90% of the trade in goods among RCEP members will be tariff-free, and they will enjoy new market opportunities, said experts. The timetable for implementing tariff reductions on imports from other RCEP members will be announced later by the Commission. It is the first time that China and Japan have agreed to reduce tariffs in bilateral trade. In 2022, China will eliminate tariffs on 24.9% of imported goods from Japan, and about 55.5% of Japan’s imports from China will be tariff-free.
In addition, China will adopt interim tariff rates for 954 items of imported goods starting from January 1, 2022. For instance, the tariff on radium chloride injections, a new type of cancer treatment, will be cut to zero next year, and tariffs will also be reduced for some consumer goods, such as baby clothes and skiing gear. Tariffs on some key components, such as high-purity graphite fittings and high-voltage cables, will also be reduced. From July 1, 2022, China will also cut Most Favored Nation tariff rates for 62 information technology products, for which the average rate will be reduced from 3.4% to 1.7%, the China Daily reports.
