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Jakarta Post

ASEAN-6 zero tariffs take effect immediately

Jakarta   /   Sat, January 2 2010   /  12:58 pm

Tariffs on 7,881 goods traded between six ASEAN founding nations were lifted Friday, signaling better economic prospects for producers and consumers alike. The elimination of tariffs by Indonesia, Brunei, Malaysia, the Philippines, Singapore and Thailand is a step toward an integrated ASEAN economy, with the remaining countries - Cambodia, Laos, Myanmar and Vietnam - set to join in 2015. The six countries can now import and export 54,457 types of products, or 99.11 percent of all traded goods, across their borders at no cost, under the Common Effective Preferential Tariffs for ASEAN Free Trade Area, in place since 1992. For Indonesia's more than 200 million consumers, increased competition in the market will mean lower prices and better services. The business sector is just as excited about the new opportunities. Indonesian Food and Beverage Industry Association ...