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Sydney, Australia, Mar 11 (EFE).- Australia announced Monday that it will eliminate import tariffs on around 500 products including toothbrushes, clothing, menstrual and sanitary products, household appliances and tools from July 1 to boost productivity.
“By abolishing hundreds of import tariffs, we’ll reduce red tape, boost productivity, ease the burden on small businesses and help to cut the cost of doing business,” Treasury Minister Jim Chalmers said in a statement.
Australia will abolish 14 percent of the total tariffs in force in the country.
“Tariff reform will also provide a small amount of extra help with the cost of living challenge by making everyday items such as toothbrushes, tools, fridges, dishwashers and clothing just a little bit cheaper,” Chalmers added.
The government estimates that eliminating tariffs will help businesses save around AU$30 million ($19.9 million) annually in costs associated with regulatory compliance procedures.
This is the biggest unilateral tariff reform in at least two decades in Australia, where the general tariff is 5 percent for imports, with some exceptions.
The government plans to publish the final list of the 500 products set to become tariff-free in May, when the general budget of the Oceania country is presented. EFE
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