On the afternoon of December 9th, Vice Minister of Commerce Wang Shouwen and South Korean Ambassador to China Kim Jang-soo exchanged diplomatic notes at the Ministry of Commerce. China and South Korea jointly confirmed that the Free Trade Agreement between the Government of the People’s Republic of China and the Government of the Republic of Korea will be formalized on December 20, 2015 Effective and the first tax reduction, and the second tax reduction on January 1, 2016. On the same day, Chinese ambassador to Australia Ma Zhaoxu and Australian ambassador-designate Adams exchanged diplomatic notes on the entry into force of the China-Australia Free Trade Agreement on behalf of the two governments in Sydney. Both sides jointly confirmed the Free Trade Agreement between the Government of the People's Republic of China and the Australian Government .It will come into effect on December 20, 2015 and the tax will be reduced for the first time, and the tax will be reduced for the second time on January 1, 2016. The specific tax reduction rate has been announced by the Ministry of Commerce on its website.
The China-South Korea Free Trade Agreement started negotiations in May 2012 and was formally signed on June 1, 2015. The China-Australia Free Trade Agreement started negotiations in April 2005 and was formally signed on June 17, 2015. The leaders of China-South Korea and China-Australia have always paid close attention to and personally promoted the negotiation process of the agreement, and expressed strong political will on many occasions, which played an important role in promoting the negotiation and entry into force of the agreement.
The China-South Korea and China-Australia Free Trade Agreement is a major event in the development of China-South Korea and China-Australia economic and trade relations. It will further expand bilateral trade and investment, improve trade facilitation, and increase the predictability and transparency of bilateral investment. Promote the free flow of goods, capital, personnel, etc. between China-South Korea and China-Australia, and create a more convenient, transparent and fair trade and investment environment for the industry. After the agreement comes into effect, it will inject strong impetus into deepening China-South Korea and China-Australia bilateral economic and trade cooperation, and promote economic growth in various countries, laying a solid foundation of common interests for the comprehensive promotion of China-South Korea strategic partnership, and providing for the enrichment of the development of China-Australia comprehensive strategic partnership important content.
