China And South Korea Signed More Than 90% FTA Products To Achieve Zero Tariffs

According to the Yonhap news agency, according to the agreement, most of the products in the Kaesong industrial park were obtained from the South Korean origin. Therefore, in all the FTA agreements signed by South Korea and other countries, according to the agreement, the majority of the products in the Kaesong industrial park are entitled to "origin from South Korea". According to the agreement, the number of preferential tariff preferences for the FTA between South Korea and China is the largest in all FTA agreements signed with other countries. The two countries agreed to sign the agreement in the first half of this year, and strive to complete the approval process as soon as possible so that the agreement will come into force as soon as possible.

The two countries concluded the substantive negotiations of the FTA in November last year. After consultations and legal analyses on a few technical issues, the foreign Processing Zone Committee was added to the agreement, the Korean construction enterprises were allowed to undertake the project in the Shanghai free trade test area and the Korean travel agency should be allowed to recruit tourists in China.

According to the regulations, China will achieve in the longest 20 years. Zero tariff The products reach 91% of the tax items and 85% of the imports. The zero tariff products of Korea reach 92% of the tax items and 91% of the imports. China will achieve zero tariffs on electric rice cookers, washing machines, refrigerators, medical equipment, household electrical appliances, and other products in the field of electrical and electronics, and achieve trade liberalization in the steel field with products such as cold-rolled steel plates, stainless steel hot-rolled steel plates and thick plates. South Korea will phased out tariffs on motors and transformers and will be phased out in 15 to 20 years. Handbag Golf clubs and other imported products from China's large daily necessities.

In the manufacturing sector, automobiles and spare parts have not been included in the targets of trade concessions or trade liberalization in the medium and long term, so they will not be greatly adversely affected. In the field of agriculture and fisheries, South Korea's rice, pepper, garlic and squid, anchovy, hairtail and other 20 kinds of aquatic products have not been included in the tariff concession target, with a view to minimizing the possible negative impact of the Korean agriculture and aquaculture industry.

　　 Korean industry The Ministry of trade and Resources said that in the first half of this year, the impact of the FTA on South Korea and China will be analyzed and the countermeasures will be formulated.

Yonhap 25 reported that South Korea and China signed a FTA agreement on 25 days, including the reciprocal treatment of the two countries' financial enterprises entering the domestic capital market. Therefore, China's financial market access threshold is expected to decrease, and the Korean financial enterprises will enter the Chinese market more smoothly.

According to the 25 news of the Ministry of finance of Korea and the Ministry of industry and commerce, the ROK government added the content of "two sides should strive to provide reciprocal treatment" when the two financial companies enter the other country or open the capital market in the text of the FTA. The above contents are new contents when initials are signed, which means that the governments of the other countries should quickly handle the relevant approval procedures when they enter the domestic market. South Korea is currently handling investment approval procedures for foreign financial enterprises to Korea according to international standards, while China has been approved for 1-2 years. Therefore, following the formal entry into force of the agreement, according to the above provisions, more Korean financial enterprises will enter the development of China's capital market.

In addition, in order to improve financial transparency, the two sides also added procedures to advance the relevant financial regulations and listen to the opinions of interested parties in the text. The Korean government also attaches great importance to the consultative channels for the two financial authorities to set up the "Service Committee". The service committee will consist of the financial committee of Korea and China's commercial banks, securities, insurance supervision committee and central bank. Since there was no consultation channel, even if financial companies put forward various difficulties, it was difficult for both sides to discuss this.

In this agreement, the two countries separate finance into one chapter. While negotiating FTA negotiations with other countries, China regards finance as part of the service sector, but the finance becomes an independent chapter.