Meanwhile, the South Asian Preferential Tariff Agreement, which took effect Dec. 8, is expected to boost trade and help hold down prices in products made in the subcontinent.

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Section 203 of the Implementation Act sets forth certain rules for determining whether a good is an originating good for the purpose of implementing preferential tariff treatment provided for under the Agreement.

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Whereas legitimate Mexican traders have free access to America and Canada via the North American Free-Trade Agreement (NAFTA), drug smugglers are granted tariff-free entry to every country in the world thanks to the Single Convention on Narcotic Drugs, which prohibits the regulation or taxation of their product.

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What happened was, is a group, a subset of APEC countries came together and said let's see if we can create a high-standard agreement that is dealing with tariffs and non-tariff barriers to trade, but let's also incorporate a whole range of new trade issues that are going to be coming up in the future -- innovation, regulatory convergence, how we're thinking about the Internet and intellectual property.

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Mr. Ma's signature project is the Economic Cooperation Framework Agreement, an all-encompassing treaty that would cover tariff reductions, market access and economic cooperation in areas like intellectual-property enforcement.

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