101. Washington has pressured Seoul to lower tariffs and launch a media campaign encouraging Koreans to use more foreign cars. 102. While most-favored-nation status lowers tariffs on selected exports to the United States, the Generalized System of Preferences eliminates tariffs entirely. 103. Given its small oil resources, it has argued lowering the tariffs would hurt its economy as taxation is a key source of income. 104. -- Lowering Indian tariffs for textiles and apparel. 105. Also, tariffs must be lowered on components imported for the vehicles. 106. Australia has little to gain if agriculture is left out of the equation and Japan will hardly benefit unless Australia lowers tariffs on textiles, clothing and footwear. 107. But members which enforce protectionism like Saudi Arabia are demanding exemptions, while Bahrain wants compensation for lowering its tariff since taxes are its main source of income. 108. By joining the WTO last December, China is required to lower tariffs, lift investment restrictions and play by global trade rules, such as protecting intellectual copyright. 109. East Asian countries could reap tremendous gains by lowering tariffs and should take the lead in opening up the world trading system, a World Bank analyst said Tuesday. 110. The plan would lower tariffs to a maximum five percent. |