China to Abolish Import Quotas on Three Kinds of Oil

Text of report in English by official Chinese news agency Xinhua (New China News Agency)

Beijing, 12 December: From 1 January 2006, China will abolish the import quota and trade control on bean oil, palm oil and cole-seed oil, the Ministry of Commerce announced on Monday [12 December].

The action is based on China’s commitment to the World Trade Organization, the ministry said.

According to a statement recently issued by the ministry, previous regulations on management of imported farm produce tariff concerning above-said three kinds of oil will be annulled accordingly.

Under China’s foreign trade law, the country will begin practising voluntary import licence system on bean oil, palm oil and cole-seed oil from 1 January 2006, the ministry said.