After the deal goes through, Chinese will be free to trade with most countries in the world free of major tariff restrictions.
Different free trade deals are due for confirmation in the European Parliament at Strasbourg next week, giving whisky exporters to tariff-free access to Colombia, Peru and central America.
Ten years ago, Tramco opened a factory in Hull, England, to ship goods tariff-free to Europe.
For better or worse, tariff-free access, once granted, can also become a political weapon.
Britain should leave the club, such ultrasceptics growl: world trade rules would guarantee tariff-free access to EU economies.
Those EU-membership benefits include tariff-free access to Europe's markets, plus EU development funding.
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Various Central American, Caribbean and Andean countries can already send ethanol to America tariff-free, thanks to concessionary trade agreements.
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Since the start of this year trade between Argentina and Brazil has been tariff-free (except for cars and sugar).
FTAs with the United States (although his country in effect has one, sending 1.5m barrels per day of oil tariff-free).
Consoles have been available on the Chinese black market for years, tax and tariff-free, which may be another reason they want to lift the ban.
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Third, Brazil wants to limit tariff-free imports by a quota similar to the one imposed on car trade in Mercosur in response to surges in imports.
By producing sugarcane-based ethanol in Peru, whose northern coast has an output of 131 tonnes per hectare, compared with the Brazilian average of 72 tonnes, Brazilian companies could gain tariff-free access to the United States.
In the first instance, this would allow Timor to import 45, 000 cars wholly made in South Korea free of duty (the tariff rate for other cars entirely made abroad is 125%).
They include getting rid of non-tariff barriers (eg, by harmonising food-safety rules) and allowing free trade in services and government purchases, as well as eliminating the many exceptions to the common tariff.
APEC's formal program contains admirable proposals for further tariff reductions toward the goal of an Asia-Pacific free trade zone.
But the decision on how long the prisoner should serve, known as the tariff, rests with the home secretary who usually seeks, but is free to disregard, the advice of both the trial judge and the Lord Chief Justice.
John Scott, director of Drug-Free Sport at UK Sport, has welcomed the proposal, which will eventually see a standard tariff implemented globally.
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