FTA for China – Australia and China – South Korea
from December 20, 2015 officially entered into force. After implementation of the two agreements in accordance with the tariff reduction list of tariff reductions, China – South Korea FTA content, 6108 tariff lines of Chinese goods, 1649 tariff lines Korean goods will enjoy zero tariffs immediately on the other side.
The second tariff reduction agreement in force:
In January 2016, two agreements will be implemented in the second tariff reduction, further reductions in tariffs. After a certain transitional period, the vast majority of the goods under the terms of two agreements will ultimately achieve zero tariffs.
China – Korea FTA set up 20-year transition period, South Korea will have 92 percent of Chinese origin goods zero tariff, will carry out 91 percent of South Korean origin of the goods zero tariff;
With China – Korea FTA entered into force, Chinese consumers can buy more cheap Korean goods, you do not need to go abroad can enjoy Korean plastic service, easier travel to Korea, to eat authentic Korean kimchi.
And inexpensive “Made in China” will also enter the South Korean people’s daily lives.
In addition, South Korea’s cosmetics, entertainment and other industries will also usher in a major positive.
According to AQSIQ speculated that China – Korea FTA over the next 10 years will be pulled Korea 0.96% of GDP. In addition, better business opportunities will create many jobs and bring enormous benefits to consumers.
How much tax reduction:
South Korean cosmetics, clothing, food and mobile phones and other electronic products, Australia’s beef and mutton, dairy products, wine, fruit, etc… duty-free products in China will be sought after, Since the entry into force of the FTA, for the average consumer, the most immediate benefits, nature is due to lower commodity prices brought about tariff concessions, select More.
For example, South Korea’s refrigerator, rice cooker and some beauty products, including home appliances will cancel the current 15 percent tariff within 10 years; toothpaste and other oral hygiene products tariffs will be reduced to zero within 10 years; pickles 25% tariff will be 20 years canceled; clothing, shoes and hats, many products will be tariff from the current 15 percent to zero in about 10-20 years.
For consumers in South Korea and Australia, gifted Wumart “Made in China” will also become a regular life. China agricultural and aquatic products, vegetables will increasingly appear in the Korean family dining table, Chinese-made apparel, electronic products will also be more convenient to enter the Australian market.
China – Australia Free Trade Agreement, 5662 tariff lines of Chinese goods, the 2402 tariff lines of Australia’s goods will enjoy zero tariffs immediately on the other side.
China – Australia Free Trade Agreement, Australia will implement zero tariff on all Chinese goods in five years, China longest in 15 years after the transition period after the implementation of zero tariffs on 96.8 percent of Australian goods.
China – Australia FTA covering more than a dozen areas of goods, services and investment. In the area of services, from Australia to China commitment to opening up the services sector the negative list approach since the commencement of the Agreement, to become China first state in a negative list approach to services trade commitments in the world.
China places a positive way to the Australian Open Listing Service. In the area of investment, the two sides since the time of entry into force of the Agreement grant each other most favored nation treatment; Chinese enterprises in Australia Australia will reduce investment review threshold, and make arrangements for facilitation.
Australia’s all milk powder within four years can duty-free import into the Chinese market
China – Australia FTA entered into force, the Australian food import tariffs will generally lower, Australia is currently China largest source of imports of beef,
Currently 15% of the average Australian beef tariffs will be reduced to zero within 10 years; including dairy products, including infant formula in China four years, duty-free access; after five-year transition period, wine average tax rate drop from the current 34.7% zero.
In addition, the current domestic larger imports from Australia, oranges, orange juice, Australian lobster, large abalone, king crab, etc., most will achieve full liberalization, the rate drops to zero.
Two opened a China FTA – South Korea and China – Australia “zero tariff” era, but the completion of a process of tariff reduction. For example, China -South Korea FTA transition period of up to 20 years.
