BEIJING: Chinese residents have welcomed a new round of tariff cuts on imported products from Australia and South Korea. The cuts came into effect on New Year’s Day, the second round of tariff reductions after the free trade agreements were enacted days earlier.
Under the new arrangement, import duties for Australian infant formula have been lowered to 9 percent, from the previous 12 percent. The taxes for South Korean agricultural products were lowered by 1.3 points. Local residents in Guangzhou have expressed their supports for the move. “I think it’s great, because now we don’t have to do shopping abroad,” said one resident.
“We have got more choices now, and the prices and commodity costs are going down. It will definitely be better for consumers,” echoed another. Over 5,500 Australian products, accounting for two-thirds of the country’s total exports to China, are affected by the free trade deal. Meanwhile, more than 90 percent of the imports from South Korea will enjoy zero tariff within 20 years.
