Free Trade Agreement

2015-12-21 17:16:00
Summary : Two free trade agreements China has signed officially took effect today.

Two free trade agreements China has signed officially took effect today. One is with South Korea, and the other with Australia. Under the FTA with South Korea, 50 percent of South Korean goods traded with China are now tariff-free, mainly electronics, steel and chemical products.

free trade agreements
signing the free trade agreement 

The same applies to 20 percent of Chinese goods headed for South Korea, again including electronics, chemical and mineral products. This is just the start; within 20 years, the two countries will eliminate tariffs on about 90 percent of traded goods.

Good news for Chinese consumers, with whom South Korean-made household items are very popular. In 10 years, small electrical appliances will be completely lifted. And in four to five years, tariffs on cosmetics like shampoo and skincare products will be slashed by 20 to 35 percent. South Korean food and fashion will also be duty-free in 10 to 20 years.

With the FTA between China and Australia, 85 percent of traded goods are instantly tariff-free. Australian goods falling under this, range from fruit and veg, chemical products, small household electrical appliances to toys. Chinese goods include chemical and mineral products, and medical equipment. 

The ultimate goal of the FTA is to have Australia eliminate duties on all products from China, and for China to eliminate duties on 97 percent of Australian goods.

Discerning eaters in China will be happy to know, that Australian seafood and wine will arrive here duty-free in 5 years, diary products in 4, and Australia beef in 10. 

With the free trade agreement taking effect, it will take more opportunities to China’s foreign trade business and so will South Korea and Australia. Henan Lanphan, as the foreign trade company, the free trade agreement will bring many benefits to the company’s business. 

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Henan Lanphan Trade Co., Ltd is a professional import and export company integrating domestic trade and foreign trade business. Our company is mainly engaged in import and export of goods, technology research and development, production, sales and after-service. Our company’s business scope: construction material, machinery equipment, hardware tools, chemical products (except the dangerous chemicals), sports equipment, crafts (except antique), children’s toys, needles textiles, mechanical and electrical products, amusement equipment, etc.
And Lanphan strives to grasp the opportunities to develop company

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