China South Korea FTA Is Good For Footwear, Textiles And Other Industries.

The Ministry of Commerce spokesperson is routine in the Department of Commerce

China and South Korea's FTA is a new driving force for economic growth in both countries, he said.

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.

According to the State Council Development Research Center, the Sino Korean FTA will boost China's actual GDP growth by 0.34 percentage points, stimulating the actual GDP growth of Korea by 0.97 percentage points.

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 clothing, non-ferrous metals, steel, machinery and equipment, etc.

Enterprises 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 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.

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, it will also buy more agricultural and aquatic products from China at a more favorable price.

And footwear, household appliances and other products.

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.

The two sides have further strengthened under the premise that the interests are basically balanced.

The institutional arrangements for integration with regulation will produce a broad demonstration effect for the rule fusion in the Asia Pacific region.