BEIJING: China’s free trade agreements with South Korea and Australia have resulted in savings of nearly 40 million yuan (US$6.1 million) in duties for goods imported through Shanghai Customs in the past two months, an official statement said.
Shanghai Customs achieved savings of 39.92 million yuan from handling 1.24 billion yuan worth of goods allowed under the free trade agreements, the statement said.
Both agreements took effect on December 20.
Du Zhen, chief product officer of online imported seafood retailer Gfresh.com, said the free trade agreements could help lower retail prices of some products.
“For example, prices of lobster imported from Australia can be cut to some 270 yuan per 500 grams from last year’s 325 yuan after import duty is cut to 9 percent from 15 percent,” Du said. “We think lobster prices could be lowered further when import duty drops to zero in 2019 under the agreements.”
Goods imported from South Korea are industrial products such as zinc and rubber, and those from Australia are consumer goods, it said.
