Abstract On December 20, 2015, the China-South Korea Free Trade Agreement (FTA) and the China-Australia Free Trade Agreement will come into effect and the first tax reduction will be launched. On January 1, 2016, the second tax reduction will be launched. The China-South Korea FTA and the China-Australia FTA officially entered the implementation phase. ...
On December 20, 2015, the China-South Korea Free Trade Agreement (FTA) and the China-Australia Free Trade Agreement will come into effect and the first tax reduction will be launched; on January 1, 2016, the second tax reduction will be launched. The China-South Korea FTA and the China-Australia FTA officially entered the implementation phase. The reporter learned from a number of enterprises and institutions that the industry has already acted, based on the company's own development strategy, and seized the business opportunities in the free trade zone. Researchers said that the China-South Korea FTA and the China-Australia FTA not only brought huge business opportunities through trade and investment facilitation arrangements, but also expanded the territory of China and South Korea's enterprises to allocate resources, providing a greater stage for enterprise development, and deepening China, South Korea and China. Australia's bilateral economic and trade cooperation and the impetus to promote economic growth in various countries.
The company has already acted
“China-Korea FTA not only reduces the cost of trade, but also provides a good atmosphere for cooperation between China and South Korea on a macro level.†Zhang Xuansong, chairman of Yonghui Supermarket, said in an interview with the International Business Daily.
On November 20th, Yonghui Supermarket has teamed up with CJ Freshway, the largest food distribution company in Korea, to establish two joint ventures, which are responsible for overseas procurement and food pretreatment services.
Zhang Xuansong said that the cooperation will make full use of the favorable FTA policy of China and South Korea and bring Korea's experience in food distribution and safety control to China. Twenty years ago, Zhang Xuansong turned his attention from the beer wholesale industry to the supermarket retail industry with his unique vision. The opportunity to seize the China-South Korea FTA is not only the optimization and upgrading of the circulation supply chain, but also the strategic vision of integrating the global resources with the China-Korea FTA platform. .
This is not an individual phenomenon. A person in charge of a beef importing company in Beijing said that China has a large demand for beef and has already begun to handle the procedures for importing beef from Australia. In recent years, companies that have seized the opportunities of China-South Korea FTA and China-Australia FTA have increased rapidly. Data show that from January to September this year, South Korea’s investment contract with China reached US$6.08 billion, a year-on-year increase of 66.5%. From January to June this year, Australia's imports and exports to China accounted for 22.2% and 31.7% of its total imports and exports, respectively.
In addition to enterprises, the trade promotion agencies of China, South Korea and China and Australia have also taken action to promote enterprises to seize the business opportunities of China and South Korea. Yan Wei, deputy director of the Commercial and Legal Affairs Center of the China Council for the Promotion of International Trade, said that the China Council for the Promotion of International Trade has set up four platforms, namely the FTA service website, the China-Korea FTA-specific WeChat public number, the FTA telephone consultation line and the international business cooperation and support platform, to carry out the “FTA preferential investment into the enterpriseâ€. Activities to help companies understand policy dynamics, strengthen training, and solve difficulties encountered in practice.
“This year, the number of Korean and Chinese companies coming to consult has increased.†A person who did not want to be named in the Beijing Representative Office of the Korea Trade and Investment Promotion Agency said that the company not only pays attention to investment policies, but also pays attention to the process of setting up a company to declare. Exercise topic.
Business opportunities should not be underestimated
From December 20th, in the field of goods trade, in the next 20 years, China will eventually have 91% of its products to cancel tariffs on South Korea, and South Korea will eventually have 92% of its products to cancel tariffs on China. The reduction of taxation by the China-Australia FTA is even greater. Both parties have zero tariffs on products with an export trade volume of 85.4%. After the tax cut transition period, all Australian imports of tariffs from China will be reduced to zero. Australian product tariffs have fallen to zero.
“After the China-South Korea FTA and the China-Australia FTA operation, it is better not only tariffs.†Zhang Li, deputy director of the e-commerce research department of the Ministry of Commerce, said that the phasing out of tariff and non-tariff barriers can facilitate trade and investment. Expanding the economic territory of the two countries will allow Chinese and South Korean and Chinese and Australian companies to optimize resource allocation in a larger space.
Zhao Jinping, Minister of Foreign Economic Research of the Development Research Center of the State Council, bluntly said that economic and trade cooperation will also promote exchanges between China, South Korea and China and Australia in terms of humanities and society, and foster more opportunities.
Analysts expect that the entry into force of the China-South Korea FTA will provide more impetus for the China-Japan-ROK FTA accelerated negotiations. As the most comprehensive and free trade agreement involving China's trade volume, China-Korea FTA will provide a model for China to build a high-level free trade zone network. As a member of the Trans-Pacific Partnership Agreement (TPP), the entry into force of the China-Australia FTA is beneficial to China's docking TPP trade rules.
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