FTA Between China And South Korea Is Promoting Economic Growth In Both Countries

A spokesman for the Ministry of Commerce said at a regular press conference of the Ministry of Commerce.

It is a new driving force for the two countries' economic growth.

According to the development and research center of the State Council, the Sino Korean FTA will boost the actual GDP growth by 0.97 percentage points, which will boost China's actual GDP growth by 0.34 percentage points.

The governments of China and Korea both believe that after the implementation of the FTA, the two countries will deepen pragmatic cooperation in various fields, and the bilateral trade and economic cooperation will be highly complementary to each other, so as to inject continuous momentum into the economic growth of the two countries.

The Sino Korean FTA is a good thing to benefit the enterprises and people of both countries.

Specifically, on the one hand, enterprises in both countries will have greater opportunities for development.

For example, in terms of trade in goods, China will eventually have 91% of its products to cancel tariffs on Korea, covering 85% of the total imports from South Korea.

At the same time, South Korea will eventually have 92% of its products to cancel tariffs on China, covering 91% of China's imports.

China's textile and garment, non-ferrous metals, steel, machinery and equipment industries and other industries can further reduce export costs to Korea and increase market share in Korea.

South Korea's machinery and equipment, chemical industry, liquid crystal display and other industries will also better share China's vast business opportunities.

On the other hand, for China

For example, some household appliances, daily chemicals, Korean special foods, clothing, shoes and hats will be cheaper to travel to Korea or to buy Korean products.

For example, refrigerators, rice cookers, electric frying pans, electric ovens, induction cookers, microwave ovens and some massages and beauty instruments will abolish the current tariff of 15% in 10 years.

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The tariffs on shoes and hat products will be reduced to zero from the current level of 15% to 20 years in 10 to 20 years.

For Korean consumers, they will also buy products from China's agriculture and aquatic products, clothing and footwear, home appliances and other products at a more favorable price.

The FTA between China and South Korea is also a booster for economic integration in the Asia Pacific region.

Shen Danyang said that China and South Korea are important economies in the Asia Pacific region. The total economic volume of the two countries accounts for 25% of the total membership of the APEC, and the trade volume of goods accounts for 29% of the total trade volume of the member states.

The construction of a high level free trade zone between the two countries has a distinctive vane for advancing the process of economic integration in the Asia Pacific region.

In addition, the FTA between China and South Korea includes "new topics for twenty-first Century", such as e-commerce, competition policy and environment.

The two countries will also carry out the second phase of negotiations on trade in services and investment within two years after the entry into force of the agreement.

On the premise of general balance of interests, the two sides have reached an institutional arrangement for further strengthening cooperation and regulation integration, which will produce a broad demonstration effect for the integration of rules in the Asia Pacific region.