Up to 99% of tariff lines with partner countries are poised to be eliminated over the course of the 10-year roadmap set out in new-generation trade pacts such as the EVFTA and CPTPP With regard to the EVFTA, the nation has fully committed to eliminating 48.5% of tariffs lines once the trade deal comes into effect, equivalent to 64.5% of import turnover. During the initial seven years, the country will be expected to abolish 91.8% of tariff lines for EU products, equivalent to 97.1% of export revenue gained from the EU. Furthermore, over the course of the subsequent decade, the tariff elimination rate will be roughly 98.3% of all tariff lines, accounting for 99.8% of import turnover. For the additional 1.7% of remaining EU tariff lines, the nation will apply the roadmap as a means of eliminating import duties over a longer period of time, or alternatively apply tariff rate quotas (TRQ) in line with the World Trade Organization commitments or non-commitments. With regard to the CPTPP, the country has committed to eliminating import duties on 66% of tariff lines once the agreement takes effect, with 86.5% of tariff lines being eliminated three years after the trade deal first came… Read full this story
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