BEIJING: China has reduced, cancelled import tariffs for 2021 and it would be win-win for China and related countries including its iron-clad brother Pakistan. This was stated by Liu Baocheng, Dean of Centre for International Business Ethics (CIBE), University of International Business and Economics (UIBE), China, according to China Economic Net (CEN).

China adjusted import tariffs on a range of products starting from January 1, 2021 to support fostering the new development paradigm and promoting high-quality development, and lowered parts of conventional tariff rates and most-favoured-nation rates in 2021, as stated by the Customs Tariff Commission of the State Council.

As per Liu Baocheng, since its accession to World Trade Organization, China has comprehensively fulfilled its commitments to WTO, substantially reducing import tariffs. By reducing import costs to boost trade.

China has delivered mutually beneficial and win-win outcomes on a wider scale and has shared its development dividend and growing markets with the rest of the world.

Provisional import tariffs that are lower than the most-favoured-nation (MFN) rates will be levied on 883 commodities, including some anti-cancer drugs and raw materials for infant formulas. As Liu put it, this shows that "Put the people first" is the bedrock of all policies and governmental undertakings in China.

On top of that, "China is to focus on quality growth in the new development pattern for the 14th Five-Year-Plan (FYP) period," hence, it needs to import aviation equipment such as fuel pumps for aircraft engines and parts of integrated circuits equipment, parts and raw materials needed for production and so on, which represents a lucrative opportunity for countries rich in quality raw materials.

Also, as China plays a significant role in global trade, an increased import of raw materials would definitely benefit distributors and importers all over the world. "A lower cost makes room for the efficiency in R&D, and that eventually will benefit global end-customers," Liu noted.

According to the Customs Tariff Commission of the State Council, further tariff reduction will be made under the free trade agreements China has separately signed with countries including New Zealand, Peru, Costa Rica, Switzerland, Iceland, Pakistan, Chile, Australia, the Republic of Korea, Georgia, as well as the Asia-Pacific Trade Agreement.

"The latest tariff cut means that China's imports from Pakistan would show a reasonable increase and reduce the cost of exports for Pakistani companies in the coming year. Also, China will reciprocate Pakistan with technology and goods it needs. Therefore, the tariff reduction helps both countries reach common development," he explained.

Last but not the least, he further mentioned, the tariff cut on medical equipment, medical raw materials reflects that China has taken on the responsibility to share the COVID-19 vaccine with the rest of the world - especially developing countries that are struggling to combat the virus - rather than using any vaccine as a private asset.