ASEAN Officials Agree on Import Tax Demolition

Relevant ASEAN senior officials have recently agreed on demolition of import tax among the association’s member countries.

According to Cambodian Secretary of State for Economy and Finance H.E. Vongsey Vissoth, the agreement was reached during the 30th AFTA (ASEAN Free Trade Area) Council Meeting taking place on Aug. 3 in Vientiane city of Laos.

Senior officials concerned from all member countries cheered the move, bring down over 90 percent of taxation to zero, which is greasing common goal of the ASEAN Economic Community.

The officials also initiated mechanism to ease trade, to name a few, self-certification, ASEAN Trade in Goods Agreement (ATIGA), ASEAN trade information and ASEAN single window.

Trading within the region is being strengthened. Monetarily it rose to US$2.28 trillion last year, 2015, according to H.E. Vongsey Vissoth.

With international counterparts, ASEAN still sees China as a major partner, following by Japan, the European Union and the United State of America.

Source: Agence Kampuchea Press