Ministry of Commerce: Zero-tariff products between China and South Korea cover 50% of bilateral trade volume
2018/05/24 14:00:25 Source: Department of Commerce Author: Anonymous
The spokesman of the Ministry of Commerce said on May 24th that since the implementation of the China-ROK Free Trade Agreement more than two years ago, the two sides have already achieved tariff reductions on four occasions. Currently, zero-tariff products from both sides have covered 50% of bilateral trade volume.
The Ministry of Commerce held a regular press conference on the morning of the 24th. A reporter asked: What positive results have been achieved since the China-ROK FTA was signed? When is the China-Japan-Korea Free Trade Agreement expected to be signed, is there any obstacle to signing?
The summit responded that the China-Korea Free Trade Agreement came into effect on December 20, 2015. Since the agreement was implemented more than two years ago, the two sides have already achieved tariff reductions on four occasions. Currently, zero-tariff products from both sides have covered 50% of bilateral trade volume. Driven by the agreement, bilateral trade volume between China and South Korea reached 280.26 billion U.S. dollars in 2017, an increase of 10.9% year-on-year. The China-ROK FTA has lowered the tariffs on commodities in the fields of household chemicals, clothing, footwear, household appliances, and agricultural and aquatic products, and has brought tangible benefits to the businesses and people of the two countries.
Gao said that in March this year, China and South Korea held the second Joint Committee of the China-ROK Free Trade Agreement in Seoul, South Korea. The two sides positively evaluated the promotion role of the free trade agreement on trade and investment between the two countries and promoted Cooperation in the areas of trade in goods, customs inspections, and economic and technical cooperation has reached many consensuses. In the same period, China and South Korea also held the first round of negotiations on the second phase of the China-ROK FTA and will use negative lists to increase the level of liberalization of bilateral trade in services and investment. The two sides promised to complete the second phase of negotiations as soon as possible to inject greater vitality into bilateral economic and trade cooperation.
Gao Feng pointed out that you mentioned the issue of China-Japan-ROK FTA. At the just-arrived seventh China, Japan and South Korea summit, the leaders of the three countries issued a "Joint Declaration," reaffirming that they will further accelerate the negotiations in the China-Japan-ROK FTA. We hope to make joint efforts with Japan and South Korea to strive for a comprehensive, high-level, mutually beneficial, and free trade agreement with its own value as soon as possible.
