Vietnam to compensate Thailand

Mon, 21 Mar 2005 | Source: AFP

HANOI: Vietnam will compensate Thailand for delaying import tariff cuts on auto parts agreed under a Southeast Asian plan, state press reported on Saturday.

Vietnam's finance ministry has sought Thai consent to delay tariff cuts on motorbike parts and completely built cars, the English language Vietnam News daily said.

The Common Effective Preferential Tariff (CEPT) road map of the 10-member Association of Southeast Asian Nations calls for 5 percent import tariffs on auto parts by 2006, but Vietnam wants to wait until 2008 to do that.

Thailand is the largest exporter of motorbikes and parts to Vietnam, the newspaper said. -- AFP

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