Vietnam cuts tariffs on Cuban imports

Saturday, 2020-04-18 16:24:47
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NDO - The Vietnamese government has decided to eliminate 514 lines of tariffs on Cuban imports with effect from April, while another 49 will be reduced gradually until 2023.

The immediate tariff elimination applies to certain fish and shrimp, honey, some kinds of fruit such as pineapple, avocado, guava and mango, cement, chromite, disinfectant and protective suits.

Tariffs on sugar and unprocessed tobacco will be cut to 15% over the next four years while cigarettes and cigars will see tariffs reduced to 70%.

Vietnam will also lower tariffs on Cuba’s alcoholic drinks to 20% over the next four years.

The tariff cuts on Cuban imports are part of an agreement signed between the two countries in November 2018 to replace an earlier agreement inked in 1996.

The new pact is expected to elevate Vietnamese-Cuban economic, trade and investment cooperation to a level commensurate with their fine bilateral relationship.

Under the agreement, the two sides pledge to eliminate or reduce tariffs on almost all goods imported from the other country in five years.