China-Korea and China-Australia Free Trade Agreement brings more opportunities
- Author:Simon
- Source:Global Logistics Network
- Release Date:2015-12-22
China - South Korea,China - Australia The free trade agreement will come into effect at December 20, 2015.
General Secretary Xi Jinping pointed out that to speed up the implementation of the Free trading area Strategy is an important part of China's new round of opening up. To accelerate the implementation of perimeter-based FTA strategy, the formation of a high standard for the global FTA network. Accelerate the implementation of the FTA Strategy, promoting comprehensive regional economic partnership agreement negotiations, advancing Asia-Pacific free trade zone, is committed to the formation of a high standard for the global FTA network.
Since January 2004 China's first free trade agreement -China-ASEAN FTA Since the implementation, China has signed 14 free trade agreements with 22 countries or regions. As of October 2015, under the respective free trade Agreement imports $ 405.6 billion, 164.2 billion yuan to enjoy tariff preferences.
In China it has signed a free trade agreement,South Korea, Australia FTA They are involved in the largest trade country the highest level of trade and investment liberalization and free trade agreements. South Korea, from the date of implementation of the China-Australia free trade agreement, China originating goods of heading 6108 and 1649 tariff lines of South Korean origin at the time of importation of goods other country, immediately zero tariff; 5662 tariff lines of China originating goods and 2,402 tariff lines of Australia's imports of originating goods in the other country when, immediately zero tariff. January 1, 2016 two agreements will be implemented in the second tariff reduction, tariff cuts will be further expanded.
After the transition period, South Korea, China and Australia under the Trade in the vast majority of goods will achieve Zero tariff. China-ROK FTA transitional period of up to 20 years, South Korea will be 92% of Chinese origin goods zero tariff, will carry out 91 percent of South Korean origin of the goods zero tariff;-Australia Free Trade Agreement enters into force within five years Australia will be full implementation of Chinese origin goods zero tariff on 96.8% of the Australian Chinese origin goods will be zero tariffs within 15 years.
Given South Korea, Australia and large bilateral trade creation and trade diversion effect of the FTA, preferential trade after two FTA implementation will be rapid growth. According to the first half of 2015, bilateral trade volume static estimates, the implementation of the first year, about $ 26 billion of Chinese exports, $ 20 billion South Korean exports enjoy tariff preferences in the other country; about $ 20 billion of Chinese exports, $ 15 billion Australian exports goods in the other country to enjoy Tariff preferences.
General Secretary Xi Jinping pointed out that to speed up the implementation of the Free trading area Strategy is an important part of China's new round of opening up. To accelerate the implementation of perimeter-based FTA strategy, the formation of a high standard for the global FTA network. Accelerate the implementation of the FTA Strategy, promoting comprehensive regional economic partnership agreement negotiations, advancing Asia-Pacific free trade zone, is committed to the formation of a high standard for the global FTA network.
Since January 2004 China's first free trade agreement -China-ASEAN FTA Since the implementation, China has signed 14 free trade agreements with 22 countries or regions. As of October 2015, under the respective free trade Agreement imports $ 405.6 billion, 164.2 billion yuan to enjoy tariff preferences.
In China it has signed a free trade agreement,South Korea, Australia FTA They are involved in the largest trade country the highest level of trade and investment liberalization and free trade agreements. South Korea, from the date of implementation of the China-Australia free trade agreement, China originating goods of heading 6108 and 1649 tariff lines of South Korean origin at the time of importation of goods other country, immediately zero tariff; 5662 tariff lines of China originating goods and 2,402 tariff lines of Australia's imports of originating goods in the other country when, immediately zero tariff. January 1, 2016 two agreements will be implemented in the second tariff reduction, tariff cuts will be further expanded.
After the transition period, South Korea, China and Australia under the Trade in the vast majority of goods will achieve Zero tariff. China-ROK FTA transitional period of up to 20 years, South Korea will be 92% of Chinese origin goods zero tariff, will carry out 91 percent of South Korean origin of the goods zero tariff;-Australia Free Trade Agreement enters into force within five years Australia will be full implementation of Chinese origin goods zero tariff on 96.8% of the Australian Chinese origin goods will be zero tariffs within 15 years.
Given South Korea, Australia and large bilateral trade creation and trade diversion effect of the FTA, preferential trade after two FTA implementation will be rapid growth. According to the first half of 2015, bilateral trade volume static estimates, the implementation of the first year, about $ 26 billion of Chinese exports, $ 20 billion South Korean exports enjoy tariff preferences in the other country; about $ 20 billion of Chinese exports, $ 15 billion Australian exports goods in the other country to enjoy Tariff preferences.
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