MALACAÑANG
ManilaBY THE PRESIDENT OF THE PHILIPPINES
EXECUTIVE ORDER No. 487 January 12, 2006
MODIFYING THE RATES OF DUTY ON CERTAIN IMPORTED ARTICLES AS PROVIDED FOR UNDER THE TARIFF AND CUSTOMS CODE OF 1978, AS AMENDED, IN ORDER TO IMPLEMENT THE COMMITMENT TO REDUCE TARIFF RATES ON CERTAIN PRODUCTS INCLUDED IN THE NORMAL TRACK OF THE ASEAN - CHINA FREE TRADE AREA
WHEREAS, the Framework Agreement on Comprehensive Economic Cooperation (Framework Agreement) Between the Association of South East Asian Nations (ASEAN) and the People's Republic of China (China) was signed by the Heads of Government / State of the ASEAN Member States and China on 4 November 2002 in Cambodia;
WHEREAS, Articles 2(a), 3(1), and 8(1) of the Framework Agreement reflect the Parties' commitment to establish the ASEAN - China Free Trade Area (ACFTA) covering trade in goods by 2010 for ASEAN 6 and China, and by 2015 for the newer ASEAN Member States;
WHEREAS, the Agreement on Trade in Goods of the Framework Agreement was signed by the Economic Ministers of...
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Executive Orders
Modifying the Rates of Duty on Certain Imported Articles as Provided for Under The Tariff and Customs Code of 1978, as Amended, In Order To Implement The Commitment To Reduce Tariff Rates On Certain Products Included in the Normal Track of the Asean - China Free Trade Area
Executive Order No. 487
Summary of Executive Order No. 487
Modifying Tariff Rates on Certain Imported Articles to Implement ASEAN-China Free Trade Area (ACFTA)
- Background:
- The Philippines is a party to the Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China, which aims to establish the ASEAN-China Free Trade Area (ACFTA) covering trade in goods by 2010 for ASEAN 6 (including the Philippines) and China, and by 2015 for newer ASEAN members. (Whereas clauses)
- The Agreement on Trade in Goods of the Framework Agreement provides for gradual reduction and elimination of tariff rates on products in the "Normal Track" according to a specific schedule. (Whereas clauses)
- Tariff Rate Reductions:
- The articles listed in Annex "A" shall be subject to the ACFTA tariff rates according to the schedule in Columns 4-7 of Annex "A". (Section 1)
- If the basic Philippine rate of duty on any article in Annex "A" is subsequently reduced to a lower rate than the prescribed ACFTA rate, the lower rate shall automatically apply. (Section 2)
- Implementation:
- The prescribed ACFTA rates shall apply to imports from parties to the Agreement on Trade in Goods of the Framework Agreement that are also applying tariff concessions to the same product, subject to compliance with the Rules of Origin under Article 5 of the Agreement. (Section 3)
- Effectivity:
- This Executive Order shall take effect immediately after complete publication in two newspapers of general circulation in the Philippines. (Section 5)
- Repealing Clause:
- All presidential issuances, administrative rules and regulations contrary to or inconsistent with this Executive Order are revoked or modified accordingly. (Section 4)
Modifying Tariff Rates on Certain Imported Articles to Implement ASEAN-China Free Trade Area (ACFTA)
- Background:
- The Philippines is a party to the Framework Agreement on Comprehensive Economic Cooperation between ASEAN and China, which aims to establish the ASEAN-China Free Trade Area (ACFTA) covering trade in goods by 2010 for ASEAN 6 (including the Philippines) and China, and by 2015 for newer ASEAN members. (Whereas clauses)
- The Agreement on Trade in Goods of the Framework Agreement provides for gradual reduction and elimination of tariff rates on products in the "Normal Track" according to a specific schedule. (Whereas clauses)
- Tariff Rate Reductions:
- The articles listed in Annex "A" shall be subject to the ACFTA tariff rates according to the schedule in Columns 4-7 of Annex "A". (Section 1)
- If the basic Philippine rate of duty on any article in Annex "A" is subsequently reduced to a lower rate than the prescribed ACFTA rate, the lower rate shall automatically apply. (Section 2)
- Implementation:
- The prescribed ACFTA rates shall apply to imports from parties to the Agreement on Trade in Goods of the Framework Agreement that are also applying tariff concessions to the same product, subject to compliance with the Rules of Origin under Article 5 of the Agreement. (Section 3)
- Effectivity:
- This Executive Order shall take effect immediately after complete publication in two newspapers of general circulation in the Philippines. (Section 5)
- Repealing Clause:
- All presidential issuances, administrative rules and regulations contrary to or inconsistent with this Executive Order are revoked or modified accordingly. (Section 4)