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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

11/10/2001

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

NULL

CATEGORY

HEADLINE

China to raise soyoil imports at low duty after WT
SHANGHAI, Oct 10 (Reuters) - China will delay by two years to 2002 itsschedule for tariff cuts on soybean oil agreed in deals on its WTOaccession due to delays in entering the global trade group, trade sourcessaid on Wednesday.It also plans to allow larger soyoil import quotas by the end of the fifthyear of the tariff rate quota plan, under which it reduces tariffs whileraising quotas each year until they are eliminated in 2006, the sourcescited a schedule from the U.S. Trade Representative's Office as saying.According to the USTR, import quotas for soybean oil under thetariff-rate-quota system would total 3.587 million tonnes by 2005, higherthan the 3.261 million tonnes agreed in the Sino-U.S. WTO deal signed inNovember 1999, the sources said.The tariff cuts were originally scheduled to start in 2000 and run through2005, but final multilateral agreements on China's entry to the WorldTrade Organisation were agreed only in September