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Thirty two countries will no longer offer preferential tariff treatment to China beginning December 1, according to the General Administration of Customs of China (GACC), which recently, in a statement, applauded the move as the country is ‘graduating’ from the generalised system of preferences programme and is ’sort of’ moving towards becoming a mature economy.
Starting December 1, 27 European Union (EU) nations, the United Kingdom, Canada, Turkey, Ukraine and Liechtenstein will no longer grant China this treatment, leaving the nation eligible for GSP trade benefits from only three countries—Norway, New Zealand and Australia.
The decision is “a recognition from other advanced economies that China does not belong to the bracket of low-income and lower-middle-income countries anymore and that Chinese products are competitive enough in the market that (they need) no protections,” the statement said.
Thirty two countries will no longer offer preferential tariff treatment to China beginning December 1, according to the General Administration of Customs of China, which recently, in a statement, applauded the move as the country is ‘graduating’ from the generalised system of preferences programme and is ‘sort of’ moving towards becoming a mature economy.
The preferences were first given to China in 1978, and some 40 countries have granted or are still giving it duty-free treatment on certain exports.
Fibre2Fashion News Desk (DS)
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