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China and South Korea free trade agreement: textile machinery equipment industry will directly benefit

Release time:2016-03-05
Shen Danyang conference on June 2 in the ministry of commerce, China and South Korea fta is big good benefit businesses of both countries and people."In particular, on the one hand, the two companies will gain greater development opportunities, on the other hand, Chinese consumers can enjoy the many benefits."

Shen Danyang says, for example in terms of trade in goods, China will have 91% of the final product to South Korea tariffs, at the same time, South Korea will have 92% of the final product of tariffs to China.

"China's textile and garment, non-ferrous metals, steel, machinery and other industries, can further reduce the cost of exports to South Korea, improve market share in South Korea. South Korea's machinery and equipment, chemical, liquid crystal display (LCD) and other industries, will be better to share China's vast business opportunities. In terms of trade in services and investment, the enterprise the core focus of basically satisfied."

"For Chinese consumers, home appliances, daily chemicals, Korea in food, clothing, shoes and hats, etc to Korea tourism shopping or South Korea act as purchasing agency of popular products will be cheaper. For example, a sand refrigerator, electric rice cooker, electric pan, electric oven, induction cooker, microwave ovens, as well as some massager, hairdressing instrument will cancel the 15% tariff in the next 10 years. Oral cleaning products such as toothpaste would cancel within the next 10 years the 10% tariff, wash bath products and skin care products will also be part of tax reduction 20-35% over five years. Seaweed tariffs will be in 10 to 20 years from the current 15% to zero, kimchi is 25% tariff will be cancelled within 20 years, nearly 90% of aquatic products, such as cod, frozen crab will phase out duties within the next 10 years. Many clothing, shoes and hats products tariff will be 10 to 20 years from now about 15% drop to zero."

"For south Korean consumers, will also be in a more favorable price to buy from China, the ministry products, clothing and footwear, home appliance, etc., for example, goose, such as part of the poultry products currently 20-30% of the tariff will be cancelled in 20 years; the current tariff for 10-20% of the part such as fish, shrimp and cold water shrimp aquatic products will achieve zero tariff in 5-20 years; some vegetables such as celery, beans and tariffs on part of the fruit such as pineapple, pear, will also be in 15 to 20 years from the current 30% drop to zero. Clothing and footwear some products will be in 10 to 20 years to achieve zero tariff. Refrigeration and heating equipment of tariffs will be in 10 to 20 years from 8% to zero."Shen Danyang said.

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