The leaders of China and South Korea agreed to complete their respective domestic procedures as soon as possible and urge the China-South Korea Free Trade Agreement (FTA) to take effect before the end of this year.
The trade and technical cooperation between Keqiao enterprises and South Korea is becoming increasingly frequent. Are they ready for this? “Both government departments and enterprises are currently taking active actions, and some are ready to embrace ‘Smecta’.” said the person in charge of the Keqiao District Commerce Bureau.
Sun Ruizhe, vice president of the China National Textile and Apparel Federation, said recently that the textile and apparel industries in China and South Korea are pillar industries, have a good industrial foundation, and both occupy a place in the world. Keqiao, Shaoxing, is the most representative textile industry cluster in China, with a complete textile industry chain including chemical raw materials, fabrics, printing and dyeing, clothing, and home textiles. Exchanges and cooperation between the two countries have a very positive effect on exploring design creativity, product development and sales channel expansion.
In fact, some powerful textile export companies in Keqiao District have already taken action on trade with South Korea. Since April 1 last year, the customs of China and South Korea have officially facilitated customs clearance for mutually recognized AEO companies, among which five AA management companies including Keqiao District’s “Red, Green and Blue Printing and Dyeing” have benefited.
After the China-South Korea Free Trade Agreement takes effect, 79% of South Korea’s products will have tariffs eliminated within 10 years, covering 77% of South Korea’s total imports from China. After a transition period of up to 20 years, South Korea’s zero-tariff products will reach 92% of tax purposes. , accounting for 91% of the import volume. It is understood that among Shaoxing’s traditional export products – clothing and textiles, South Korea’s base tax rates range from 8-13%. Except for a few products (mainly concentrated on textile raw materials and fabrics), the tariffs will be immediately reduced to zero when the agreement takes effect. In addition, most products will have zero tariffs within 10 to 20 years.
Therefore, the Shaoxing Inspection and Quarantine Department reminds that after the China-Korea Free Trade Agreement takes effect, there are not many products whose tariffs will be reduced to zero immediately. Many products will gradually reach zero tariffs after a long tax reduction transition period. Therefore, most products have a certain degree of tariff reduction every year. Export companies should make full use of the China-Korea Free Trade Agreement and actively apply for the China-Korea Free Trade Zone Certificate of Origin to achieve a win-win situation with importers.
Are South Korea’s textile companies ready?
The leaders of China and South Korea agreed to complete their respective domestic procedures as soon as possible and urge the China-South Korea Free Trade Agreement (FTA) to take effect before the end of this y…
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