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ROK, Australia FTAs to enter effect

Updated: Dec 10,2015 9:33 AM     Xinhua

BEIJING — Free Trade Agreements (FTA) between China and Australia and China and the Republic of Korea (ROK) will come into force on Dec 20, the Ministry of Commerce (MOC) said on Dec 9.

China and the ROK agreed that a first round of tariff cuts will take effect on Dec 20, and a second on Jan 1, 2016, said the MOC.

The cuts will take place to the same schedule in the case of the China-Australia FTA, as agreed by the two sides.

China and the ROK signed the FTA on June 1 after three years of negotiations. Under the deal, ROK will eliminate tariffs on 92 percent of all products from China within 20 years, while China will abolish tariffs on 91 percent of ROK goods.

Signed on June 17, the China-Australia FTA will cut import tariffs on a wide range of products including agriculture and financial services. The countries hope it will increase their annual trade by 100 billion Australian dollars ($72 billion).