Tariffs for the remaining trade products will be cut by 2003. Economists and policy makers hope the reductions will help boost regional trade and investment flows to Asean countries. Goods on the Temporary Exclusion List . Unprocessed agricultural goods have to be transferred to the inclusion list by 2003 in equal steps. Items on the Highly Sensitive List will have tariffs cut over 2003-2010, but final rates are open.
Countries can also maintain safeguard measures to protect domestic industry.
Rice is the only item listed on the list. The General Exception List are items excluded from the tariff reduction scheme, covering goods deemed dangerous to public health, livestock or agriculture. But one concern of free trade proponents has been whether some Asean members will seek to protect key industries and withdraw items from the liberalisation scheme. Malaysia, for instance, has insisted that automobiles will remain excluded from the scheme, to protect its car industry. Indonesia and the Philippines has also signalled that they might withdraw petrochemicals from the scheme.