New ASEAN members present tariff cut list<\/p>\n
PETALING JAYA, Malaysia (JP): Laos and Myanmar submitted
\nyesterday a list of nearly 3,000 products to be included in the
\nlist for the ASEAN Free Trade Area (AFTA) just moments after they
\nwere admitted as the newest members of the grouping.<\/p>\n
The inclusion list of products of the Common Effective
\nPreferential Tariff (CEPT) of the two countries was presented by
\nLaotian Foreign Minister Somsavat Lengsavad and Myanmar Foreign
\nMinister Ohn Gyaw to ASEAN Secretary-General Dato Ajit Singh
\nafter yesterday's induction ceremony.<\/p>\n
Under the CEPT scheme, members are required to undertake a
\ntariff reduction program of 5 percent or less within 10 years,
\nstarting from the date they participated in the scheme.<\/p>\n
The deadline for most ASEAN members -- Brunei, Indonesia,
\nMalaysia, the Philippines, Singapore and Thailand -- is 2003.
\nVietnam who joined ASEAN in 1995 will complete its commitments by
\n2006.<\/p>\n
As new members, Laos and Myanmar will begin participating in
\nthe CEPT scheme on Jan. 1, 1998 and have to fulfill all their
\ncommitments by 2008.<\/p>\n
Before the entry of the new members, the inclusion list was
\ncomprised of 42,253 tariff lines. The addition to the new list
\nnow increases it to 45,119.<\/p>\n
The drawing up of the list was conducted under the assistance
\nof the ASEAN Secretariat.<\/p>\n
Laos' initial package of tariff reduction accounts for 15
\npercent of its total tariff lines, of which over two-thirds are
\nin the electrical appliances and machinery sector. About 20
\npercent are in the optical, musical and precision instruments
\nsector.<\/p>\n
Myanmar's initial inclusion list represents about 43 percent
\nof its total tariff line. The largest chunk, about 20 percent, is
\nin the base metal and metal articles.<\/p>\n
Products from the optical, chemical and agricultural sector
\naccount for about 9 percent each.<\/p>\n
Ohn Gyaw and Lengsavad expressed their commitment to ASEAN's
\nfree trade regime saying they would continue to adhere to the
\nrequirements and obligations required.<\/p>\n
Singapore Foreign Minister S. Jayakumar said he was confident
\nLaos and Myanmar could integrate smoothly and successfully into
\nASEAN.<\/p>\n
\"They have signaled their determination to modernize and
\nliberalize their economies, and have committed themselves to
\nAFTA,\" said Jayakumar. (mds)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/new-asean-members-present-tariff-cut-list-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}