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From January 1, 2006, China will abolish the import quota and trade control on bean oil, palm oil and coleseed oil, the Ministry of Commerce (MOFCOM)announced on Monday.
The action is based on China's commitment to the World Trade Organization, the ministry said.
According to a statement recently issued by the ministry, previous regulations on management of imported farm produce tariff concerning above-said three kinds of oil will be annulled accordingly.
Under China's foreign trade law, the country will begin practicing voluntary import licence system on bean oil, palm oil and coleseed oil from January 1, 2006, the ministry said.
(Xinhua News Agency December 13, 2005)
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