On June 26, Tariff Commission of the State Council released the Notice on Implementing Tax Rate agreed in the Second Amendment to Asia-Pacific Trade Agreement (hereinafter referred to as “Notice”). The Notice points out that agreed tax rate shall be applied to imported goods from Bangladesh, India, Laos, Korea and Sri Lanka. The journalist of Beijing Business Today sorted out the tax rate in Asia-Pacific Trade Agreement, and found from July, China will adjust the tariff of soybeans imported from APTA countries represented by aforesaid countries to zero from 3%. In the meantime, most agreed tax rates are lowered than the most preferential tax rate to different degrees after adjustment.

In specific, during tariff adjustment, the tariff of yellow soybean, black soybean, green soybeans and other soybeans is adjusted from 3% to zero. While among other important imported foods, the tariff of live eel is adjusted from the 10% most favored nation rate to 6.7%; of fresh and cold hairtail is reduced from 12% to 8%, and of frozen shelled shrimp is reduced from 8% to 4%. Bai Ming, Deputy Director of International Market Institute, Chinese Academy of International Trade and Economic Cooperation, said although zero tariff is applied to soybeans imported from India, Korea, Bangladesh, Laos and Sri Lanka, these countries are neither major soybean suppliers in the world, nor the main source countries of imported soybeans in China.