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Tariff reduction pact between seven Asian economies: Vice Strategy and Finance Minister Hur Kyung-wook, center, poses with his counterparts from six Asian nations after signing a multilateral tariff reduction agreement at the Hyatt Hotel in central Seoul, Tuesday. Under the pact, seven members of the Asia-Pacific Trade Agreement (APTA) ― Korea, China, India, Mongolia, Bangladesh, Lao PDR and Sri Lanka ― will increase the number of trade items subject to tariff concessions to 13,000 from the current 4,270, as well as expand the overall tariff reduction rate to 40 percent from the current 26.8 percent. From left are Deputy Executive Secretary of UNESCAP Shigeru Mochida; Sri Lanka Minister of Export Development and International Trade S. Liyanagama; Indian Minister of Commerce and Industry Gombojav Zandanshartar; Hur; Laos Minister of Industry and Commerce Nam Viyaketh; Chinese vice Commerce Minister Yi Xiaozhun; and Bangladesh Commerce Minister Myhammad Faruk Khan.
/ Courtesy of the Ministry of Strategy and Finance |
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