Members to The Bangkok Agreement agreed to introduce new preferential tariff rates from next July, and changed the pact's name to Asia-Pacific Trade Agreement (APTA), China's Ministry of Commerce (MOFCOM) said on Wednesday.

The Bangkok Agreement, established in 1975, serves as a preferential tariff arrangement aimed at promoting intra-regional trade, covering trade between the six members - China, South Korea, India, Bangladesh, Sri Lanka and Laos.

The decisions were made during the first ministerial council meeting that started in Beijing on Wednesday, setting preferential tariff rates for some 4,000 items, mainly produce, textile and chemical products.

Ministerial level delegations attended the meeting headed by Chinese Commerce Minister Bo Xilai.

Representatives from Indonesia, Mongolia and other seven countries and regions also attended the meeting, according to the MOFCOM.

China granted concessions on 917 items to the other five members when joining the agreement. According to this third round of negotiations, China will grant concessions on 169,7 items with an average concession rate of 27 percent, Bo said at a news conference.

India would grant concessions on 570 items, South Korea 136,7, Sri Lanka 427, and Bangladesh 209 items.

Meanwhile, the other five members will grant concessions on about 2,000 items to China with an average concession rate of 30 percent.

Total trade volume between China and the other members totaled US$104.5 billion in 2004, the MOFCOM said.

(Xinhua News Agency November 3, 2005)