Offer List of Tariff Reduction Sample Clauses
Offer List of Tariff Reduction. The offer lists submitted by the Contracting Members of D-8 PTA were selected based on agreed percentage whereby it will cover 8 per cent of each Contracting Member’s total Harmonized System (HS) lines with tariff rates above 10 per cent. Tariff reduction modality is based on the applied tariff rates on goods specified in the national tariff schedules. All Contracting Parties have already submitted their offer lists based on transposed HS Code 2012. It is observed that on bilateral basis, Member States are willing to improve trade cooperation ambitiously by signing new PTA’s and even FTA’s that grant significant tariff reductions to one another. The D-8 PTA on the other hand remains rather trivial with most of the offer lists being comprised of least or non-traded items which bear little significance for the national economies. In this regard, Member States may wish to consider including intermediate goods in their offer lists, capitalizing on the complementarity of their production structure. It is also worthy noting that the sub-committee of experts on the identification and elimination of para-tariffs and non-tariff barriers established by SC need to convene the meeting at the earliest and thoroughly discuss the issue of tariff barriers and non-tariff measures.