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News of China Japan and South Korea FTA

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Author : Stretch wrapper
Update time : 2015-04-28 15:12:46

 

On Tuesday, a bilateral free trade agreement was initialed by China and South Korea as both sides hope to increase trade of each other, according to the press release from China's Ministry of Commerce on Wednesday.

"The negotiations have concluded which two sides have confirmed the details" said by the ministry.

"China and South Korea agreed to work for the official signing of the China-South Korea FTA within the first half of this year. "our government  will implement it as soon as possible to get approval from the parliament," said by the South Korea's Ministry of Trade, Industry and Energy.

Under the FTA, the two governments agreed to provide each other;s financial companies preferential treatment and establish a joint organization which will deal with bilateral business issues.

A trade professor at the University of International Business and Economics which named Zhao Zhongxiu said the FTA will become South Korea's most significant trade pact due to the recent change which China becomes its largest trading partner.

A goal of bilateral trade was set by South Korea which is $300 billion with China in 2015.

Under the impact, 79 percent of all products will have tariff eliminate by South Korea,  equals to 9,690 items from China , which is within 10 years after the time of the  implementation of the treaty.

In return, China promise to remove tariffs on 71 percent of all products from South Korea, which is equal to 5,846 items.

Since last year, China has become S. Korea's the biggest trading partner, the largest source of imports and the number 1 export market. And South Korea now is also China's fourth-largest trading partner which follows European Union, the United States and Japan.

After the South Korean beauty products, the most popular South Korean products in China are electronics, home appliances, advanced machineries and fashion related products.