BEIJING, Oct. 26 (Xinhua) -- China and Mongolia are expecting lower tariffs in bilateral trade after Mongolia's recent accession to the Asia-Pacific Trade Agreement (APTA), China's Ministry of Commerce said Monday.
Starting on Jan. 1, 2021, Mongolia will cut tariffs on 366 categories of commodities, such as aquatic products, vegetables and fruits, timber and chemical products. Meanwhile, Mongolia will also enjoy favorable tariff policies, according to a statement posted on the website of the ministry.
Mongolia's accession to the agreement will further promote the integration of developing economies in the Asia-Pacific region, deepen Sino-Mongolian economic and trade cooperation, and improve bilateral trade liberalization and facilitation, according to the statement.
Thus far, the member countries have implemented four rounds of tariff concessions, with the fourth one coming into effect on July 1, 2018.