It is learned of that both China-Korea Free Trade Agreement and China-Australia Free Trade Agreement will come into force as of Dec. 20, 2015. Wang Shouwen, vice minister of Ministry of Commerce, and Kim Jang-soo, ambassador of Republic of Korea to China, exchanged notes in Ministry of Commerce on Dec. 9 to confirm the Free Trade Agreement between the Government of the People’s Republic of China and the Government of the Republic of Korea (China-Korea FTA) to come into force and reduce tax for the first time as of Dec. 20, 2015 and reduce the tax for the second time as of Jan. 1, 2016.

Also, Ma Zhaoxu, ambassador of China to Australia, and Jan Adams, ambassador-designate of Australia to China, exchanged notes in Sydney on behalf of the respective governments on the same day to confirm the Free Trade Agreement between the Government of the People’s Republic of China and the Government of Australia (China-Australia FTA) to come into force and reduce tax for the first time as of Dec. 20, 2015 and reduce the tax for the second time as of Jan. 1, 2016.

China-Korea FTA started negotiation in May 2012 and was formally signed on June 1, 2015. China-Australia FTA started negotiation in April 2005 and was formally signed on June 17, 2015. Leaders of China, Korea and Australia have attached high attention to and driven the progress of the negotiations themselves, expressed intense political wills to reach the agreements frequently, and played an important role in boosting the negotiation and signing of the agreements.

The operation of the FTAs is a significant issue in the economic and trade relationship development between China and Korea and between China and Australia, which will further expand bilateral trade investment, improve trade convenience, increase the foreseeability transparency of bilateral investment, promote the free flow of goods, capital, personnel and other resources between China and Korea and between China and Australia, and create a more convenient, more transparent and more fair trade and investment environment. The agreements, upon their operation, will inject robust energy to deepen China-Korea and China-Australia economic cooperation and boost the countries’ economic growth, lay a solid base for China and Korea’s common interests to comprehensively improve China-Korea strategic cooperation partnership, and provide important contents for enriching the development of China-Australia comprehensive strategic cooperation partnership.

 

Source: Translated from Invest Guangzhou,Dec. 10, 2015