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Canada to cancel import duties on thousands of manufacturing machinery and equipment
The Canadian government said on March 10 that Canada plans to eliminate import tariffs on about 1,500 manufacturing machinery and equipment products by 2015, involving about $4.9 billion in imports. Of the 1,541 imported goods, most of them have been removed from import duties on March 5. Canadian Finance Minister Jim Flaherty said the rest of the products for which import tariffs have not been removed will have until January 1, 2015 at the latest. This 'zero-tariff zone' preferential policy will effectively ensure Canada's leading momentum in the manufacturing sector. Trade Minister Peter Van Loanadded also said that this policy will encourage Canadian companies to purchase more advanced machinery, equipment and parts, thereby improving their competitiveness in the international market. In 2009, the Canadian government's import tariff revenue reached 88 million Canadian dollars (about 85.7 million US dollars), and this revenue is expected to reach 300 million Canadian dollars (about 292.1 million US dollars) in 2010.