Shen Danyang, spokesperson of the Ministry of Commerce, said at a press conference of the Ministry of Commerce on Tuesday that the China-South Korea Free Trade Agreement is a great thing that benefits the businesses and people of both countries. “On the one hand, companies from both countries will gain greater development opportunities, and on the other hand, Chinese consumers will also enjoy many benefits.”
Shen Danyang said that in terms of trade in goods, for example, China will eventually eliminate tariffs on 91% of its products in South Korea, and at the same time, South Korea will eventually eliminate tariffs on 92% of its products in China. “China’s textile and garment, non-ferrous metals, steel, machinery and equipment and other industries can further reduce export costs to South Korea and increase their market share in South Korea. South Korea’s machinery and equipment, chemicals, LCD and other industries will also be better able to Share China’s vast business opportunities. In terms of service trade and investment, the core concerns of enterprises on both sides have been basically met.”
“For Chinese consumers, popular products such as home appliances, daily chemicals, Korean specialty foods, clothing, shoes and hats, etc. that are purchased during travel or purchasing in Korea will be cheaper. For example, refrigerators, rice cookers, The current 15% tariff on electric casseroles, electric ovens, induction cookers, microwave ovens, and some massagers will be eliminated within 10 years. The current 10% tariff on toothpaste and other oral hygiene products will be eliminated within 10 years, and the current 10% tariff on shampoo and bath products and skin care products will also be eliminated. Tariffs will be partially reduced by 20-35% within 5 years. Tariffs on seaweed will be reduced from the current 15% to zero within 10-20 years. The current 25% tariff on kimchi will be eliminated within 20 years, and nearly 90% on cod, frozen crab, etc. Tariffs on aquatic products will be gradually eliminated within 10 years. Tariffs on many clothing, shoes and hats products will be reduced from the current approximately 15% to zero within 10-20 years.”
“For Korean consumers, they will be able to buy agricultural and aquatic products, clothing, footwear, home appliances and other products from China at more favorable prices. For example, the current 20-30% tariff on some poultry products such as geese and poultry products will be It will be abolished within 20 years; some aquatic products such as fish, cold water shrimps and shrimps with current tariffs of 10-20% will achieve zero tariffs within 5-20 years; tariffs on some vegetables such as celery and beans and some fruits such as pineapples and pears will be eliminated. It will also be reduced from the current 30% to zero in 15-20 years. Some products such as clothing and footwear will achieve zero tariffs in 10-20 years. Tariffs on refrigerators and heating equipment will be reduced from 8% in 10-20 years. It’s zero.” Shen Danyang said.