The signing of the China-South Korea FTA will be beneficial to China's superhard industry.

The neighboring China and South Korea will enter the open stage of the “all-round, wide-area” market.

On June 1, Chinese Minister of Commerce Gao Hucheng and Minister of Industry and Trade Resources of the Republic of Korea Yin Xiangzhi officially signed the "Free Trade Agreement between the Government of the People's Republic of China and the Republic of Korea" on behalf of the two governments in Seoul, South Korea. According to the agreement, the proportion of trade liberalization of goods by both parties exceeds 90% of the tax items and 85% of the trade volume. This means that the China-South Korea FTA will enable more than 90% of the products of the two countries to enter the zero tariff era after the transition period.

China is Korea's largest trading partner, the largest source of imports, the largest export market and the largest overseas investment destination. According to data from South Korea, the trade volume between China and South Korea reached US$228.9 billion in 2013. According to data from the Ministry of Commerce of China, the bilateral trade volume between China and South Korea reached US$274.2 billion in 2014. Some experts expect that the bilateral trade volume between China and South Korea is expected to exceed 400 billion US dollars within five years.

Three highlights

        The China-South Korea Free Trade Agreement (FTA) is the free-trade agreement that China has signed to date and covers the widest range of issues and involves the largest amount of trade. The scope of the agreement covers 17 areas of trade in goods, services, investment and rules, including "21st Century Economic Issues" such as e-commerce, competition policy, government procurement, and the environment. At the same time, the two parties pledged to continue the service trade negotiations in the negative list mode after the signing of the agreement, and to conduct investment negotiations based on the pre-entry national treatment and negative list model.

        It is reported that this agreement covers the content of e-commerce and local cooperation for the first time in the FTA negotiations, and for the first time set up a separate chapter for financial services and telecommunications services. These are in addition to Hong Kong, Macao and Taiwan. The Chinese mainland has not previously been involved in the signing of the FTA with other countries or regions.

        Zhuang Wei, deputy director of the Institute of International Economics of the University of International Business and Economics, told the Shanghai Securities Journal that the China-South Korea FTA has three highlights: “high openness, wide open scope and consideration of the interests of both parties”.

        According to reports, the China-South Korea FTA has demonstrated a high standard of openness in terms of trade liberalization of goods, liberalization of trade in services, market access and facilitation of investment.

        In terms of trade in goods, the two countries will reduce the tariffs on 91% of China's tax items and 92% of South Korea's tax products to zero in the next 20 years. The trade volume of these zero-tariff products accounts for 85% of China's total imports, respectively. 91% of the total.

        In the field of trade in services and investment, China has for the first time pledged to negotiate with pre-entry national treatment and negative list, which has not been fully rolled out in China so far, only one year in the China (Shanghai) Pilot Free Trade Zone. many.

        In the scope of openness, it not only includes traditional FTA clauses such as trade in goods, trade in services, investment, rules of origin, customs procedures and trade facilitation, trade remedy, technical barriers to trade, but also intellectual property rights, competition policy, e-commerce, environment, Economic cooperation and other "21st century economic and trade issues" have demonstrated the market opening of the "all-round, wide-area" countries.

        Both the stage goal and the final goal have fully considered the balance of interests between the two parties. For example, during the transition period of 10 years, China’s products with zero tax reduction accounted for 71% of the total number of tax items, and the South Korean side was 72%. During the transition period of 20 years, the Chinese side was 91%, and the Korean side was 92%. ,balance.

        In addition, the non-tariff measures such as "Korean products can be quickly cleared within 48 hours in principle" also show unique Chinese and Korean characteristics.

China's superhard materials industry may benefit

        "The China-South Korea FTA has had little impact on the Chinese economy as a whole, and the overall impact on the Korean economy is relatively large."

        Mei Xinyu, a researcher at the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce, said that this agreement will help to consolidate the foundation of China's "concentric circle" regional economic integration strategy, improve and improve the international division of labor system in East Asia, and promote the integration of sales and marketing within the region. In order to further consolidate the advantages of East Asian manufacturing through the “big market” effect. In the short term, there may be some impact on some of China's manufacturing industries that compete with South Korea, but in the long run, it is good for China's manufacturing industry, because South Korea's domestic labor rights are over-extended, the labor movement is out of control, and the integration of China and South Korea's market is improving. After that, it is expected that Korea's automobile manufacturing and other links will be more transferred to China. This move will usher in more opportunities for the development of China's superhard materials and products industry.

In addition, in the foreign trade of abrasives and abrasive products in China, the trade between China and South Korea accounts for a large proportion. In 2014, China's brown fused alumina and silicon carbide export destinations ranked third in South Korea; China's diamond export destination ranked fourth in South Korea; China's sand cloth exports ranked third in South Korea, and China's sand cloth imports ranked first in Korea. The signing of the China-South Korea Free Trade Agreement will greatly increase the bilateral trade in abrasives.

      Of course, there are also controversies in this industry: Due to the low added value of China's super-hard materials and products, is such a large opening impact on China's super-hard materials and products industry? Relevant people in the industry said that the trade between China and South Korea is more in-house trade in a production chain, so there is no problem because our products have low added value and open up the impact on related industries. . Such openness will only make the products of the two countries reduce costs and transaction costs in the production chain, so it is a win-win situation.

        The reporter also learned that according to the content of the agreement, the home appliance industry, the electronics industry, the daily chemical industry, the apparel industry and Korean food will also benefit.

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