91% Tax Products Exported To Korea Will Be Zero Tariff In The Future

The Ministry of Commerce announced that China and ROK completed the initials of all the Sino Korean FTA agreements and confirmed the contents of the agreement. So far, the Sino Korean FTA negotiations have been completed. The agreement has become China's most comprehensive FTA so far involving the largest volume of trade in the country.

China and South Korea fta The negotiations were launched in May 2012. Last November, Chinese President Xi Jinping and The Republic of Korea President Park Geun hye held a meeting in Beijing to confirm the end of substantive negotiations between China and South Korea free trade zone. According to the agreement reached between the two sides, the 90% of the product tax items of China and Korea and 85% of the trade volume will be liberalized.

According to the outcome of the negotiations, the Sino Korean FTA agreement covers a very wide range, covering not only trade in goods, trade in services and investment, but also rules of origin, Customs procedures And trade facilitation, trade remedy, plant and plant quarantine, technical barriers to trade, intellectual property rights, competition policy, electronic commerce, environment, economic cooperation, general provisions and other 11 rules areas, in particular, include e-commerce, competition policy, environment and other "twenty-first Century economic and trade issues".

According to the Yonhap news agency, according to the regulations, China will achieve zero tariff products in the longest 20 years to reach 91% of the tax items and 85% of imports, and the products of zero tariff will reach 92% and 91% respectively. China will achieve zero tariffs on electric rice cookers, washing machines, refrigerators, medical equipment, household electrical appliances, and other products in the field of electrical and electronics, and achieve trade liberalization in the steel field with products such as cold-rolled steel plates, stainless steel hot-rolled steel plates and thick plates.

South Korea will phasing out tariffs on motors and transformers and phasing out tariffs on handsets, golf clubs and other imported products from China in 15 to 20 years. This also means that China's handbags from Korea will gradually achieve zero tariffs in the next 15 to 20 years.

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