Canada Removes Preferential Tariff Status for Middle Income Countries, Says FedEx
The Canadian government announced the removal of 72 countries from Canada’s General Preferential Tariff (GPT) system, FedEx said in a Sept. 26 release. The removals are part of the 2013 Canadian federal budget. According to FedEx, the government said countries…
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that had reached the World Bank’s threshold as middle-income countries should no longer benefit from the lower tariff treatment that GPT provides. China, Hong Kong, Brazil, Singapore, South Korea, Thailand, Russia, Turkey and India are among the countries that the Canadian government removed from GPT. The GPT will remain in effect for the countries that have not met the World Bank middle-income threshold. The Canadian government offers duty free or preferential market access to imports on more than 80 percent of products from 175 designated beneficiaries, said FedEx, saying the GPT is set to expire on June 30, 2014.