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Industry News | Time:Jun 27 2018 10:32AM
China to cut import tariffs on polyolefins from S. Korea, India and certain Asia-Pacific nations
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China will cut import tariffs on goods from South Korea, India and certain Asia-Pacific countries, starting from July 1, China's central cabinet announced on Jun 26.

Imported products such as chemicals, agricultural products, medical supplies, clothing, steel and aluminium products from India, South Korea, Bangladesh, Laos, and Sri Lanka will also enjoy certain tariff reductions, the state-run China Daily website reported.

All imported products from the above five countries will adapt a tariff rate of the Second Amendment of The Asia-Pacific Trade Agreement, the State Council said.

Import tariff of polyolefins low density polyethylene, high density polyethylene, co polymer PP, and ra coPP will but reduced by 5 percent from 6.5% to 6%. And the rate for specialty grade metallocene LLDPE, and non commodity grade polyolefin elastomer & polyolefin plastomer is cut from 6.5% to 4.2%.

Polyolefins in concern
Product HS code MFN rate (%) Agreement rate since Jul 1 (%)
LDPE 39011000 6.5 6
HDPE 39012000 6.5 6
mLLDPE 39014090 6.5 4.2
polyolefin elastomer and polyolefin plastomer 39019090 6.5 4.2
co-polymer PP 39023010 6.5 6
ra coPP 39023090 6.5 6

The State Council's announcement came amidst tariff spat between world's two largest economies, China and the US, following pressure by US President Donald Trump to cut down USD 375 billion deficit in the bilateral trade.

For its part, India has been pressuring China to open up more for Indian products, specially IT and Pharmaceutical, to reduce USD 51 billion in over USD 84 billion trade.

During the India-China strategic dialogue held here in April, Vice Chairman of NITI Aayog (National Institution for Transforming India) Rajiv Kumar had pitched for export of soybean and sugar to China from India.

After the Wuhan informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping, both the countries are holding talks to step up Indian exports of agricultural products like rice and sugar as well as pharmaceutical, specially the cancer curing drugs to Ch ..

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