What are the effects of China's WTO ascension on such imports?
China's accession to the WTO will provide significant benefits to foreign plastics and resins exporters. China will reduce average chemical tariffs by more than 50% by January 1, 2005. Specifically, the average rate will be reduced to a final average rate of 6.9%. Most quotas will be eliminated on virtually all chemical products upon ascension. China has also agreed that any entity will be permitted to import most products, including plastics and resins, into China after a three-year phase-in period. Foreign companies operating in China will also be able to freely distribute plastic materials in China.
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