China And South Korea Free Trade Or Promote China'S Textile Industry

At a press conference recently signed by the China South Korea FTA, a spokesman for the Ministry of Commerce of China pointed out that the signing of the Sino Korean trade agreement will further promote the common development of China and South Korea's economy. For China's side, the signing of the agreement will greatly promote the development of China's textile industry, which is undoubtedly a good news for China's textile enterprises, and the economic structure of China and South Korea is different from each other and the economic structure has strong complementarity.

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 Chinese consumers, some household electrical appliances, daily chemicals, Korean special foods,

Shoes and hats and other Korean shopping or Korean shopping.

It will be cheaper.

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.

Tariffs on many clothing and footwear products will be reduced to zero from 10 to 20 years from the current level of 15%.

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 includes China and Korea.

The "new agenda for twenty-first Century", competition policy and environment, and for the first time introduced the contents of local economic cooperation.

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.