Free Trade Agreements that Will Transform China
20 January 2016 China’s free trade agreements with South Korea and Australia, which took effect last month, are expected to encourage struggling domestic manufacturers to further upgrade their technology and return to previous levels of export growth, according to an article in China Daily.
Under the China-South Korea FTA, China will remove import tariffs on 91% of South Korean products over the next 20 years, while Seoul will eliminate tariffs on 92% of Chinese goods.
South Korea’s Ministry of Strategy and Finance said that China-South Korea annual trade volume is expected to reach $300 billion by the end of this year, thanks to the FTA pact, the article said.
Under the China-Australia FTA, Chinese import tariffs on 95% of Australian exports have been lifted, while obstacles will be removed to allow more Chinese businesses to invest Down Under. Visas will be also relaxed for Chinese visitors, according to China Daily.
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