Common Effective Preferential Tariff (CEPT) Scheme

The Common Effective Preferential Tariff (CEPT) Scheme is a trade agreement among countries in the Association of Southeast Asian Nations (ASEAN) aimed at reducing tariffs on goods traded within the region. Under this scheme, member countries agree to lower import duties, making it cheaper and easier to trade goods among themselves. This encourages economic cooperation and integration, helping to boost trade and investment. Essentially, it allows businesses within ASEAN to enjoy lower costs when selling products across borders, enhancing regional economic growth and competitiveness.