China-South Korea sign FTA

Posted on: 02/06/2015

Did you know the China-South Korea FTA is one of the largest trade agreements that China has signed in terms of trade value? The negotiations, which started back in May 2012, continued into November 2014, when the heads of state of the two countries announced the conclusion of the substantive negotiations. Confirmation of the contents of the agreement was reached on 25th February 2015 and on the 1st June 2015, both countries officially signed their bilateral FTA in Seoul.  Last year, South Korea's exports to and imports from China reached $70 billion and $48 billion respectively, making China the largest export destination as well as the second-largest import source for South Korean goods. During the same period China's exports to and imports from South Korea reached $45 billion and $90 billion respectively thus making South Korea its fourth-largest export destination and the second-biggest import source.  Benefits from the agreement cover 17 areas, including trade in goods and services, healthcare, entertainment, investment and trade rules, as well as e-commerce and government procurement. Under the agreement, China will remove tariffs on 91% of all products from South Korea within the next 20 years, while South Korea will eliminate tariffs on 92% of all goods in the other direction.

For more information of China-South Korea FTA, visit the China Daily

 

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