Viet Nam will negotiate with other ASEAN members in an effort to receive special treatment regarding tariff rates for some products included on the CEPT Scheme’s Temporary Exclusion List, the Ministry of Finance said in a statement on Thursday.
In accordance with the ASEAN Free Trade Area’s Common Effective Preferential Tariff Scheme (CEPT), Viet Nam is to phase out tariffs for certain products included on the list or otherwise impose a reduced rate of 0-5 per cent by January 1, 2006.
Viet Nam wants to be able to set its own rate roadmap for certain goods including radar transceivers, ore residue, garbage and medical waste, art, wine, tobacco, automobiles, motorbikes, bike parts, used tyres and petroleum.
The ministry has outlined a plan which will extend the deadline for required tax rates of transceivers, ore residue, art works, wine, automobiles, motorbikes, bike parts and petroleum.
When tariffs are reduced for these products, domestic producers will be in a difficult situation, the statement said. "But we hope that in the long run it will force local producers to reform and thus enhance our competitive edge."
The ministry said it will consider a modified tariff reduction roadmap for tobacco, used tyres, garbage and medical waste soon.
Viet Nam will still maintain the tariffs on the list’s remaining items including opium, dynamite, fireworks, tanks and weapons.
Viet Nam signed the CEPT accession agreement for the ASEAN Free Trade Area (AFTA) in December 1995.
Source: Vietnamnews
Key words: Viet Nam, hopes to delay, ASEAN, tariffs
