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E-mail Xinhua, December 21, 2023
The Taipei 101 skyscraper in Taipei, Taiwan, China. [Photo/Xinhua]
The Chinese mainland will suspend tariff reductions on some chemicals from the Taiwan region as the latter's unilateral, discriminatory trade restrictions have violated the economic pact between the two sides.
Starting January 1, 2024, 12 items of chemical products from Taiwan, including propylene and paraxylene, will stop enjoying preferential tax rates stipulated in the Economic Cooperation Framework Agreement (ECFA), the Customs Tariff Commission of the State Council has said in a statement.
The ECFA is a comprehensive cross-Strait economic pact intended to lower commercial barriers.
As Taiwan's trade measures, such as bans and restrictions on mainland products, have breached the ECFA, the commission has decided to suspend the tax reductions on the aforementioned products according to the pact, the statement said.
The commission urged Taiwan to take effective measures to remove trade restrictions against the mainland.
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