China’s announcement to eliminate 100% of the tax on the products of the least developed countries

Beijing: China has announced to eliminate 100% of tariffs on products from least developed countries.

According to the foreign news agency, China has announced to give zero tariff treatment to 100% of the products of least developed countries. According to an announcement by the Customs Tariff Commission of the State Council of China, China has decided to eliminate tariffs for least developed countries in order to expand openness and achieve common development.

According to the report, from December 1, 2024, zero rate of preferential tax will be applied on 100 percent of the products of least developed countries that establish diplomatic relations with China.

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According to the Customs Tariff Commission, out of these TRQ products, the tariff rate was reduced to zero only within the quota. And there will be no change in the tariff rate outside the quota.