BEIJING: Starting on June 15, 2024, Chinese mainland will halt tariff concessions for some Taiwan products that currently enjoy preferential tariff rates stipulated in the Economic Cooperation Framework Agreement (ECFA) in response to the island’s trade restrictions, according to the Customs Tariff Commission of the State Council.
These products consisted of 134 tariff items from Taiwan, including lubricant base oil, the commission said in a statement.
The ECFA is a comprehensive economic pact, intended to lower commercial barriers between the mainland and Taiwan, which was signed by the two sides in 2010 and is based on the 1992 Consensus.
In December 2023, the Customs Tariff Commission of the State Council announced to terminate ECFA tariff rates for some products from Taiwan, as Taiwan’s unilateral and discriminatory trade restrictions against the mainland breached the ECFA.
However, Taiwan’s Democratic Progressive Party authorities have never implemented any concrete measures to lift its trade restrictions for the mainland since the termination of ECFA tariff rates.
Thus the commission has decided to further halt tax reductions on some Taiwan products according to the ECFA, the statement said. –The Daily Mail-China Daily news exchange item
