FTAs with S.Korea, Australia come into effect

%3CP%20align%3Dcenter%3E%3CIMG%20border%3D0%20src%3D%22/new_maoyi_en/cn/admin/news/NewsFile/-1/2015122114495549.jpeg%22%20width%3D500%3E%3C/P%3E%0D%0A%3CP%20align%3Dcenter%3E%3CFONT%20face%3DVerdana%3EImported%20goods%20in%20a%20store%20in%20the%20Tianjin%20Free%20Trade%20Zone.%20Photo%3A%20CFP%3C/FONT%3E%3C/P%3E%3CFONT%20face%3DVerdana%3E%0D%0A%3CP%3E%3CBR%3E%26nbsp%3B%26nbsp%3B%26nbsp%3B%26nbsp%3B%26nbsp%3B%20The%20free%20trade%20agreements%20%28FTAs%29%20China%20has%20signed%20with%20South%20Korea%20and%20Australia%20officially%20came%20into%20effect%20on%20Sunday%2C%20with%20tariffs%20on%20numerous%20products%20being%20cut%20for%20the%20first%20time.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EUnder%20the%20agreements%2C%20tariffs%20on%202%2C402%20items%20imported%20from%20Australia%20were%20reduced%20to%20zero%20on%20Sunday%2C%20while%201%2C649%20items%20from%20South%20Korea%20are%20now%20also%20tariff%20free%2C%20the%20Xinhua%20News%20Agency%20reported%20on%20Sunday.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20and%20South%20Korea%20signed%20an%20FTA%20in%20Seoul%20on%20June%201%2C%20with%20the%20agreement%20covering%2017%20fields%20such%20as%20trade%20in%20goods%20and%20services%2C%20and%20rules%20for%20investment%20and%20trade%2C%20according%20to%20a%20statement%20released%20by%20the%20Ministry%20of%20Commerce%20%28MOFCOM%29%20on%20June%202.%20Under%20the%20agreement%2C%20China%20will%20remove%20tariffs%20on%2091%20percent%20of%20products%20imported%20from%20South%20Korea%20and%20South%20Korea%20will%20eliminate%20tariffs%20on%2092%20percent%20of%20products%20from%20China%20within%2020%20years%20of%20implementation%20of%20the%20FTA.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20spent%20more%20than%2010%20years%20on%20talks%20over%20its%20FTA%20with%20Australia%2C%20and%20finally%20signed%20the%20agreement%20on%20June%2017.%20The%20deal%20covers%20more%20than%2010%20areas%2C%20including%20goods%2C%20services%20and%20investment%2C%20according%20to%20a%20statement%20from%20MOFCOM%20on%20June%2023.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20deal%20is%20one%20of%20the%20most%20extensive%20among%20all%20the%20FTAs%20that%20China%20has%20signed%20in%20terms%20of%20trade%20and%20investment%20liberalization%2C%20the%20statement%20said.%20For%20trade%20in%20goods%2C%2085.4%20percent%20of%20products%20from%20both%20sides%20are%20now%20exempt%20from%20tariffs%2C%20according%20to%20MOFCOM.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%202014%2C%20bilateral%20trade%20between%20China%20and%20Australia%20increased%2023%20percent%20year-on-year%20to%20A%24152.9%20billion%20%28%24109.72%20billion%29%2C%20while%20the%20trade%20volume%20between%20China%20and%20South%20Korea%20rose%205.95%20percent%20to%20%24290.6%20billion%2C%20according%20to%20data%20from%20MOFCOM.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20FTAs%20will%20help%20to%20spur%20bilateral%20trade%20between%20China%20and%20South%20Korea%2C%20and%20China%20and%20Australia%2C%22%20Chen%20Fengying%2C%20a%20research%20fellow%20with%20the%20China%20Institutes%20of%20Contemporary%20International%20Relations%2C%20told%20the%20Global%20Times%20on%20Sunday%2C%20adding%20that%20it%20will%20also%20have%20a%20%22significant%20impact%20in%20boosting%20regional%20economic%20cooperation.%22%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EFor%20instance%2C%20signing%20the%20FTA%20with%20South%20Korea%20is%20expected%20to%20ease%20cooperation%20between%20China%2C%20South%20Korea%20and%20Japan%2C%20Chen%20noted.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ESo%20far%2C%20China%20has%20signed%2014%20FTAs%2C%2012%20of%20which%20have%20gone%20into%20effect%2C%20covering%2022%20countries%20and%20regions%2C%20MOFCOM%20said%20on%20Thursday.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EAlso%2C%20the%20State%20Council%2C%20China%27s%20Cabinet%2C%20released%20guidelines%20on%20Thursday%20to%20accelerate%20the%20speed%20of%20signing%20new%20FTAs%20with%20neighboring%20countries%20and%20regions%2C%20in%20order%20to%20build%20a%20global%20FTA%20network%20and%20better%20serve%20the%20country%27s%20economic%20development%2C%20according%20to%20a%20statement%20posted%20on%20the%20central%20government%27s%20website.%26nbsp%3B%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIt%27s%20important%20for%20China%20to%20enhance%20the%20quality%20of%20its%20cooperation%20with%20other%20countries%20and%20regions%2C%20Chen%20said%2C%20noting%20that%20FTAs%20can%20also%20boost%20Chinese%20investment%20overseas.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EFor%20example%2C%20under%20the%20FTA%20between%20China%20and%20Australia%2C%20Australia%20will%20lower%20the%20approval%20threshold%2C%20making%20it%20easier%20for%20Chinese%20firms%20to%20invest%20in%20Australia.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EMeanwhile%2C%20consumers%20from%20the%20two%20countries%20will%20also%20benefit.%20For%20instance%2C%20Chinese%20consumers%20will%20be%20able%20to%20buy%20electronics%20and%20skin-care%20products%20from%20South%20Korea%20and%20wine%20from%20Australia%20at%20lower%20prices.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20FTA%20will%20help%20in%20cutting%20costs%2C%20but%20it%20%22will%20take%20time%20for%20the%20FTA%20to%20show%20its%20effect%20for%20wine%20importers%2C%22%20Chen%20Yimin%2C%20vice%20general%20manager%20of%20Shanghai%20Longmeng%20International%20Trading%20Co%2C%20a%20wine%20trading%20company%20based%20in%20Shanghai%2C%20told%20the%20Global%20Times%20on%20Sunday.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EHe%20also%20warned%20that%20there%20are%20still%20other%20factors%20affecting%20costs%20for%20importers%20such%20as%20exchange%20rate%20fluctuations.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChen%2C%20the%20research%20fellow%2C%20noted%20that%20the%20FTAs%20would%20reduce%20Chinese%20consumers%27%20interest%20in%20using%20the%20illegal%20services%20provided%20by%20daigou%2C%20agents%20who%20buy%20products%20overseas%20at%20cheaper%20prices%20and%20send%20them%20back%20to%20individual%20buyers%20in%20the%20mainland.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28Global%20Times%29%3CBR%3E%3C/FONT%3E%3C/P%3E