2015年CRI China-Australia, China-South Korea FTAs Take Effect Today

 

China-South Korea FTA Comes into Force

The new free trade agreement between China and South Korea has officially come into effect as of today.

Park Tae Ho with Seoul National University says the signing of the free-trade pact¹ makes sense for South Korea at this point in its development.

"With impressive achievements though, the South Korean economy only accounts for 1.8 percent of the global total. South Korea won't be able to lift its per capita income to 30,000 US dollars by relying on domestic market only. It should go global and exploit broader export markets. So it's a necessary choice for us to establish FTA."

As part of the agreement, tariffs² on more than 90 percent goods traded between China and South Korea will be eliminated over the next 20-years.

South Korean analysis suggests the country's manufacturers are going to see their overall export growth increase by 1.35-billion U.S. dollars over the next 12-months.

China is South Korea's largest trading partner, with South Korea importing around one-quarter of all their products from China.

1 pact   

n.合同，条约，公约，协定

参考例句：

• The two opposition parties made an electoral pact.那两个反对党订了一个有关选举的协定。
• The trade pact between those two countries came to an end.那两国的通商协定宣告结束。

2 tariffs   

关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准

参考例句：

• British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
• The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。