The Fifth Korean Commodities Fair Was Held In Ji'nan

Thanks to the China Korea Free Trade Agreement (FTA), which has been in force for more than half a year, the fifth South Korea held in Ji'nan, Shandong in from July 1st to 3rd. commodity The Expo attracted nearly 300 Korean local enterprises to participate in the exhibition, and became the largest number of Korean enterprises since the five session.

According to the data provided by the Ji'nan Municipal Bureau of Commerce, the trade volume of the three day exhibition reached 750 million yuan, while the turnover volume exceeded 200 million yuan.

Besides the participation of neighboring cities such as Tai'an and Zibo in Shandong Province, the Expo also attracted buyers from 10 provinces and cities such as Shanghai, Guangdong and Anhui.

People in Ji'nan Business Bureau said in an interview with reporters that this shows that Chinese and Korean companies will focus more on FTA. Under the framework of FTA, the finance between Korea and Shandong, Electronic Commerce Economic cooperation and other fields will be further expanded.

Han enterprises take the opportunity to expand the market

Since the signing of the China South Korea Free Trade Zone, China and South Korea Trade There is no high growth expected by some. Nevertheless, Shen Danyang, spokesman of the Ministry of Commerce, said at a regular press conference in June 17th that the FTA played a positive role in boosting confidence and promoting bilateral trade and economic cooperation between China and South Korea. 50% of the enterprises indicated that after the agreement came into effect, the export to Korea increased or increased substantially, and 57% of the enterprises reflected the increase in the volume of consultation or the increase in the number of orders.

At present, China and ROK achieved two tax reductions in December 20th last year and January 1st this year. China's two tax reduction covers 92% of the total tax items, and 20% of products achieve zero tariff. South Korea's two tax cut covers 93% of all products, and 50% of products achieve zero tariff.

Korean companies hope to push more commodities into the Chinese market with the opportunity of tariff reduction.

Chinese sales representative of OKF, a beverage manufacturer in South Korea, told reporters that the biggest benefit of FTA is mainly the reduction of tariffs. Previously, due to the impact of tariffs, their beverage products in China were too expensive for consumers to bear, so they chose only limited commodities to enter the Chinese market. After a gradual decline in tariffs, they are ready to push more products into the Chinese market.

A South Korean company responsible for food products, mainly agricultural products and meat products, told reporters that since the signing of the FTA agreement, China has further opened up its agricultural products sector. At present, there are indeed some tariff reductions in products, and the company is looking for products agents in China.

In addition, a number of Korean enterprises, mainly agricultural products and cosmetics, told reporters that with the help of the opportunities brought by FTA, they successfully entered the Chinese market or expanded the share of existing products in the Chinese market. At the same time, these enterprises hope to enter the mainland market such as Shanxi and Henan through Shandong.

From Shandong's point of view, Shandong exported $14 billion 600 million to South Korea in 2015, an increase of 5.5%. The export of metal products, mechanical and electrical products, textile and clothing, leather and glass products, steel products and other products to Korea has been further expanded, and auto parts, small household electrical appliances, chemical products and some consumer goods have increased further from South Korea.

Not only are imports and exports, but two-way investment between Shandong and South Korea also benefits from the FTA between China and South Korea. Last year, Shandong approved 33 investment projects in Korea, approving overseas investment of US $170 million, an increase of 88.9% over the same period last year. The actual absorption of Korean capital reached 2 billion 70 million US dollars, an increase of 35.1%.

Trade in services has become a new field of cooperation.

In the framework of FTA, seeking cooperation in new fields and new formats has become a major topic for discussion in South Korea and Shandong.

Yu Taixi, Vice Minister of Korea's Ministry of industry and Commerce resources, believes that after the entry into force of FTA, China and ROK can strengthen cooperation in the financial, medical and other service sectors. At present, about 90% of the cooperation between South Korea and Shandong is concentrated in the manufacturing sector, and the vertical division of labor is the main mode.

Xia Geng, vice governor of Shandong Province, said in an interview with reporters that Shandong and South Korea have strong complementary industries, and the main consideration is how to make the Korean and Shandong markets more convenient. Earlier, in some traditional products, the two sides have strong points in each other. Now we need to expand exchanges and cooperation in the service industry cooperation, and let cross-border electricity suppliers play a greater role in bilateral trade development between South Korea and Shandong.

Xia Geng said that in the field of service trade, the two sides will explore cooperation projects in the fields of logistics, e-commerce, standard mutual recognition, medical beauty, fashion creativity, film and television culture, etc. In addition, the two sides will promote the integration and development of new industries such as intelligent manufacturing, life sciences, automotive industry, marine technology and financial services.

Prior to this, the China South Korea free trade agreement authorized Weihai and Inchon to explore pilot projects in the fields of trade, investment, industry and services, and create a demonstration area for local economic cooperation. In terms of industrial parks, there are mainly carriers such as China South Korea (Yantai) Industrial Park.

Among them, the cooperation in trade in services will be mainly undertaken by the Inchon Weihai Regional Economic Cooperation Demonstration Zone, while the China South Korea (Yantai) Industrial Park will focus on the development of life sciences, intelligent manufacturing, automotive industry, marine technology and service industries.

According to the requirements, Shandong will rely on the Weihai and Inchon Regional Economic Cooperation Demonstration Zone to create a convenient gateway and preferred port for trade between China and Korea, and speed up the development of the Sino Korean (Yantai) Industrial Park and the new Wan Jin Han China Industrial Park.

Guo Zaiyuan, President of the Korean capital city science and Technology Development Institute, told reporters that a major problem with FTA is that the effective time is still not long. It is suggested that the two sides should strengthen cooperation between cities and industries and industries.

Xia Geng said that the future cooperation between Shandong and South Korea will also focus on enabling the preferential policies of the FTA to really benefit the enterprises, and the two sides jointly promote the convenience of customs clearance, so as to promote the participation of the two enterprises in the "one belt and one way" strategy in conjunction with the "Eurasian initiative" of Korea, and create a first-class domestic business environment for foreign investment enterprises including South Korea.