BEIJING: The first batch of imported goods from Australia smoothly cleared customs in Shanghai. It was the first batch since the China-Australia Free Trade Agreement became effective. The imported batch of fresh cherries had a weight of 1.2 tons, a value of 104,000 Yuan and was imported by Shanghai Yihe Agricultural Production Company. Shanghai customs opened a green channel for fast clearance of goods.
Free trade agreements between China and Korea were officially implemented on December 20. These trading agreements involve China’s largest trading volumes and have the highest level of trade and investment liberalization.
According to a source in customs, since December 20, under the China – South Korea agreement, 6108 taxes on products produced in China and 1649 taxes on South Korean products will immediately be lowered to a zero tariff. According to the agreement, South Korea will carry out a zero tariff on 92% of Chinese produced products over a length of 20 years. China will carry out a zero tariff policy towards 91% of the South Korean products.
Under the Australia Free trade Agreement, 5662 Chinese goods and 2402 Australian goods will enjoy zero tariffs. According to the agreement Australia will implement the zero tariff policy towards Chinese produced products within 5 years. China will carry out a zero tariff policy towards 96.8% of goods produced in Australia over a length of 15 years.
Sources told that before the China – Australia Free Trade Agreement, China already carried out 15 trade agreements and arrangements, but these were declined year after year by the partner countries. Between January and November 2015, Shanghai imported 589,000 tons of fruit under preferential trade agreements, with a total value of 880 million American Dollars and 830 million Yuan of tax relief. This is an increase of 21.7%, 37.2% and 46.2%.
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