China to abolish tariffs on goods from LDCs

BEIJING: China declared its intention to abolish all tariffs from goods and products imported from the world’s least developed countries (LDCs) on Thursday.

The decision by China to abolish all tariffs is designed to improve ‘trade openness’ and promote ‘mutual development’ among countries.

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As per a statement from the Customs Tariff Commission of the State Council, China will implement a zero-tariff policy on all products originating from LDCs.

The new policy is scheduled to take effect from December 1, 2024, specifically for goods from countries that have established diplomatic ties with China.

The Customs Tariff Commission further explained that while the tariff rate for these products will be set to zero within the designated quota, there will be no alternation to the tariff rates for items outside the quota.

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The decision is part of China’s broader effort to strengthen trade relations and ‘support’ economic advancements in the least developed regions of the world.

The announcement has been positively received by various stakeholders, as it is expected to facilitate an increased trade and economic collaboration between China and LDCs.

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This will also help the LDCs secure a market, when they are the ones to struggle the most in the competitive global market where the developed countries have the most advantage.