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NEWS ADMIN

DATE

30/08/2019

NEWS PROVIDER

Nur Aisha Abd. Wahab

NEWS SOURCE

Global Times

CATEGORY

HEADLINE

China's tariff rate adjustment for Australian beef not trade remedy measure: MOC
Global Times (30/08/2019) - China's tariff rate adjustment for Australian beef imports is essentially different from the World Trade Organization's stipulation of trade remedy measures in the general sense, the Ministry of Commerce has said in a statement.

China's beef imports from Australia had topped 172,411 tonnes as of Aug. 15, exceeding the annual quota under the bilateral free trade agreement and triggering an adjustment of the tariff rate.

The tariff rate on beef from Australia was accordingly set at the most-favored-nation rate from Aug. 17 to the end of this year, which is a mechanism under the bilateral free trade agreement designed to promote free trade.

The most-favored-nation tariff rate is lower than the ordinary rate but higher than the rate under the free trade agreement.

The China-Australia Free Trade Agreement has facilitated bilateral economic and trade ties since its implementation in 2015, the statement said.

Read more at http://www.globaltimes.cn/content/1163145.shtml