Industry News
Ministry of Commerce spokesman Shen Danyang 2 at a regular press conference on the Ministry of Commerce said that China-ROK FTA is to promote economic growth in both countries new impetus. China and the ROK government believes that after the implementation of China-ROK FTA, the two countries will continue to deepen pragmatic cooperation in various fields, bilateral trade and economic integration will be highly complementary, thus injecting an endless driving force for the economic growth of both countries. According to estimates of the State Council Development Research Center, China-ROK FTA would boost China's real GDP growth 0.34 percentage points, boosting real GDP growth in South Korea 0.97 percent.
Shen Danyang also said China-ROK FTA is to benefit both businesses and the public good thing. Specifically: On the one hand, the two companies will gain greater development opportunities. For example, trade in goods, China will eventually have 91% of the elimination of tariffs on Korean products, covering from 85% Korea imports.
At the same time, South Korea will eventually have 92% of the elimination of tariffs on Chinese products, covering from 91% Chinese imports. China's textile and apparel, nonferrous metals, iron and steel, machinery and equipment industries and enterprises, can further reduce the cost of exports to South Korea to improve market share in Korea. South Korea's machinery and equipment, chemicals, LCD and other industries and enterprises, will also be better to share China's vast opportunities.
On the other hand, for Chinese consumers, a number of household electrical appliances, household chemicals, Korean specialty food, clothing, footwear and other shopping or travel to Korea Korean Shopping popular products will be cheaper. For example, refrigerators, rice cookers, cookers, oven, stove, microwave and some massage instrument, beauty instrument, such as the cancellation of 15% of the current tariff within 10 years. Many clothing, footwear product tariffs will be in 10 to 20 years from the current level of about 15% of zero. South Korean consumers, but also will be more favorable price to buy agricultural and marine products, clothing and footwear, household appliances and other products from China.
China-ROK FTA or regional economic integration of the booster. Shen Danyang said China and the ROK are important economies in the Asia-Pacific region, accounting for 25% of the total economy of APEC member countries of the total trade in goods accounted for 29% of the members of the total trade. Construction of high-level bilateral FTA for promoting regional economic integration process has a distinct sense of the citizenry. In addition, China and South Korea FTA contains a "Twenty-first Century new issue" e-commerce, competition policy, environment, etc., and for the first time introduced the regional economic cooperation content. The two countries will within two years after the entry into force of the Agreement, in order to access the list of former national treatment and negative mode, trade in services and investment to carry out the second phase of negotiations. Roughly balanced the interests of both parties in the premise, to achieve a further strengthening of cooperation and regulatory integration of institutional arrangements, it will produce a wide range of demonstration fusion effect of the Asia-Pacific region rules.
