|RESOURCES-IMPORT LICENSING REQUIREMENT FOR CONSTRUCTION MACHINERIES|
During the recently concluded MITI Industry dialogue 2007, the government announced it will remove the import licensing requirement for 35 tariff lines in two stages over the next two years after reviewing 48 tariff lines involving machinery and equipment.The list of machinery and equipment that will have its import license (AP) removed is as below:-
LIST OF MACHINERY AND EQUIPMENT THAT IMPORT LICENSE WILL BE REMOVED EFFECTIVE 1.1.2008
LIST OF MACHINERY AND EQUIPMENT THAT IMPORT LICENSE WILL BE REMOVED EFFECTIVE 1.1.2009
*Most Favored Nation Tariff (MFN)
The most favored nation (MFN) principle is where each Contracting Party (member state) must be accorded treatment no less favorable than any other Contracting Party. A country, which enjoys MFN regime is entitled to import duties as stipulated in the Custom Tariff Book.
**Common Effective Preferential Tariff (CEPT)
CEPT is cooperative arrangement among ASEAN Member States to reduce intra-regional tariffs and remove non-tariff barriers over a 10 year period commencing 1 January 1993. For goods which still has existing tariff, it will be the same in all participating ASEAN countries.