Trade and markets
 

Detail

Area
China (Mainland)
Commodity Group
Oilseeds, oils and meals
Commodity
Soybeans, soybean meal, rapseed, fishmeal
Date
01/06/2018
Policy Category
Trade
Policy Instrument
Free trade agreement
Description
Announced the removal, as of 1 July 2018, of tariffs on soybeans, soybean meal, rapeseed and fishmeal imported from Bangladesh, India, the Lao People’s Democratic Republic, the Republic of Korea and Sri Lanka. The measure is part of trade facilitation instruments scheduled under the Asia-Pacific Trade Agreement (APTA).
Notes
China announced the removal, as of 1 July 2018, of tariffs on a large number of products – including soybeans, soybean meal, rapeseed and fishmeal – imported from Bangladesh, India, the Lao People’s Democratic Republic, the Republic of Korea and Sri Lanka. The measure follows amendments in trade facilitation instruments under the Asia-Pacific Trade Agreement (APTA) that were planned since March 2018. For the above listed commodities, the tariffs applied prior to the removal were the Most Favoured Nation (MFN) rates of, respectively, 3 percent, 5 percent, 9 percent and 2 percent. Considering that, in recent years, none of the five trade partners sold substantial amounts of the named commodities to China, the tariff removal is unlikely to impact China’s trade, at least in the near term – even against the backdrop of the on-going Sino-US trade dispute (see below) and its repercussions on China’s sourcing of soybeans and other feedstuffs.