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China South Korea Free Trade Agreement Pdf

The agreement was formalized on November 10, 2014. [3] South Korean President Park Geun-hye said her government would strive to enter into force as soon as possible. [4] In addition, China and South Korea promised that after the signing of the agreement, they would continue to negotiate trade in services on a negative list model and conduct investment negotiations on the basis of national treatment before access and the negative list model. [Citation required] With a view to market opening, China and South Korea will treat each other`s financial enterprises entering their own capital markets, which means that the corresponding authorisation procedure will be simplified and barriers to entry for both sides into the financial markets will be reduced. The agreement also provides that Korean construction companies in the Shanghai Pilot Free Trade Zone can order cooperation projects from Shanghai, without being limited by the share of foreign investment (foreign investment accounts for more than 50%). The Chinese side is considering allowing Korean travel agencies to recruit and visit South Korea in China. [8] On June 1, 2015, China and South Korea signed a free trade agreement that entered into force on December 20, 2015. [5] [6] Negotiations on the agreement began in May 2012. [1] Until July 2014, 12 round tables were held. [2] The China-South Korea Free Trade Agreement covers 17 areas of trade in goods, services, investment and rules, including e-commerce, competition policy, government procurement, environment and other “economic and trade issues of the twenty-first century”.

With regard to tariff concessions, after the conclusion of the Sino-Korean Free Trade Agreement, after a transitional period of up to 20 years, China`s zero-duty products will reach 91% of the fiscal target and 85% of imports, and South Korea`s zero-duty products will reach 92% of the tax target, or 91% of the value of imports. In addition, a total of 310 items, including products manufactured in the North Korean Kaesong Industrial Park, have obtained the qualification of Korean origin and are eligible for tariff preferences immediately after the entry into force of the Sino-Korean Free Trade Agreement. The third joint commission of the China-Korea Free Trade Agreement was held by videoconference on August 3, 2020. The Chinese delegation consisting of the Ministry of Commerce, the Development and Reform Commission, the Ministry of Finance, the Ministry of Agriculture and Rural Affairs, the General Administration of Customs, the General Administration of Market Surveillance, the Council for the Promotion of International Trade, Weihai City, Shandong Province, etc. and the Ministry of Industry, Trade and Energy, a Korean delegation consisting of the Ministry of Agriculture, Food and Rural Affairs, participated in the meeting. [7] China accounted for 24.8% of South Korea`s total exports in 2018, according to the Korea International Trade Association (KITA). [Citation required]. .

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