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.
Experts noted that this round of trade liberalization will be beneficial for all parties.
It came after a new arrangement was reached during the fourth round of tariff concession negotiations among the six APTA members in January 2017.
In May 2001, China joined the then Bangkok Agreement, whose name was changed to the APTA in November 2005.
It aims at promoting economic and trade cooperation among its members through the adoption of trade liberalization measures.
"China needs more suppliers of goods given the recent trade troubles with the US," said Lin Guijun, vice president at the University of International Business and Economics.
"Reducing tariffs will open China's large and growing import market to countries in the region, which will help their economic growth and further integrate the regional economies, as well as helping projects along the routes of the Belt and Road [B&R] initiative in the region," Lin told the Global Times on Sunday.
