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The signing of China ROK free trade agreement on domestic chemicals or other products may be greatly impacted

the signing of China ROK free trade agreement on domestic chemicals or other products may be greatly impacted

June 4, 2015

[China paint information] after a long period of research and negotiation, the China ROK free trade agreement was finally officially signed on June 1 this year

on this day in Seoul, South Korea, Chinese Minister of Commerce Gao Hucheng and South Korean Minister of industry, trade and resources Yin Xiangzhi formally signed the free trade agreement between the government of the people's Republic of China and the government of the Republic of Korea on behalf of the two governments respectively

according to the agreement, in terms of the level of openness, the liberalization ratio of goods trade between the two sides exceeds 90% of the tax items and 85% of the trade volume. This means that after the agreement comes into force, more than 90% of the products of both sides will enter the era of zero tariff after the transition period

liangyanfen, director of the Institute of world economics of the Institute of international trade and economic cooperation of the Ministry of Commerce, said in an interview that the China ROK free trade agreement is an agreement signed with a relatively developed economy on the basis of the free trade zone previously formulated by China. Through the China ROK free trade agreement, China hopes to enrich the content of the free trade zone, expand the openness of the free trade zone and achieve the overall improvement of the level of the free trade zone

the scope of the agreement covers 17 areas

according to the information released by the Ministry of Commerce, after the China ROK free trade agreement comes into force, China will achieve 91% of the tariff items and 85% of the import volume in the longest 20 years; Korea's zero tariff products reached 92% of the tariff items and 91% of the import value

the scope of the agreement covers 17 areas, including trade in goods, trade in services, investment and rules, and includes "21st century economic and trade issues" such as e-commerce, competition policy, government procurement and environment

this year marks the 23rd anniversary of the establishment of diplomatic relations between China and the ROK. During this period, the two countries have witnessed the rapid development of economic and trade exchanges. The average annual growth of bilateral trade volume has exceeded 23%. In 2014, the total bilateral import and export volume between China and the ROK was $235.4 billion. China has become the largest trading partner, export market, import source and overseas investment target of the ROK. The bilateral trade volume between China and the ROK exceeds that of the ROK, the United States, Japan and Europe combined

liangyanfen believes that although the base is large, the cooperation agreement on weight reduction technology of free trade particleboard will still bring a lot of development space for the development of bilateral trade TPE and the development of automobile industry

or drive China's GDP growth by 2%

liangyanfen introduced that although the current China ROK trade volume is large, it is slightly unbalanced in structure. After the signing of the China ROK free trade agreement, with the decline of tariff levels and the elimination of trade barriers, it is believed that there will be a lot of room for development in other fields such as agriculture, technology exchanges and service industry

free trade agreement how to change the oil in the packaging of these drinks with universal tensile testing machine by skipping rocks? While facilitating trade, it will also bring competition. For China's medium and high-end machinery and equipment, chemical products, automobiles and other industries, market opening may bring greater impact

zhaojianglin, director of the International Economic Relations Research Office of the Asia Pacific and Global Strategy Research Institute of the Chinese Academy of Social Sciences, analyzed that Chinese and Korean enterprises should adjust under the new system and competitive environment, and they should not ignore their own self-regulation and adaptability, and should not be too negative

it is understood that for these industries, some of the free trade agreements have set a transition period, while others will adopt the method of partial tax reduction

some media reported that the negotiation of the China ROK free trade agreement involves e-commerce and local cooperation, and a separate chapter on financial services and telecommunications services has been set up

some studies believe that once the China ROK free trade zone is completed, it is expected to contribute 1-2 percentage points to China's GDP growth, while South Korea's GDP will increase by 2-3%. At that time, China and South Korea will form a common market with a population of 1.35 billion and a GDP of $11trillion

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