FTA Signed, China and South Korea Trade in Abrasives Would Increase Greatly

Gao Hucheng, Minister of Commerce in China and Yin Xiangzhi, officer of Trade Resources of South Korean, representing two governments signed Free Trade Ggreement of the People's Republic of China and the Republic of Korea in Seoul, South Korea on June 1.

The Free Trade Agreement (FTA) between China and South Korea is the most widely covering issues, involving the national biggest trading FTA, which is a mutually beneficial and win-win agreement for both China and South Korea. It achieves the goal of  "roughly balanced, comprehensive, high level". 

According to the agreement, the two sides trade liberalization of goods trade volume has exceeded 90% and the value of trade is 85% in terms of open level. Agreement covers trade in goods and services, investment and rules, a total of 17 fields, containing the electronic commerce, competition policy, government procurement, environment and other "economic and trade issues in the 21st century”. At the same time, the two sides promise that they will continue to develop service trade negotiation in a negative list mode after the agreement is signed into law, and will carry out investment negotiations based on the post-establishment national treatment and negative list mode.

In the foreign trade of abrasives products, the trade between China and South Korea occupies a significant proportion. In 2014, in our export destinations of brown fused alumina and silicon carbide, South Korea was third; In our diamond export destination, South Korea was fourth; In the exports of abrasive cloth, South Korea ranked third, and in the cloth imports, South Korea ranked first. Free Trade Agreement between China and South Korea has been signed, which will boost the bilateral trade in abrasives greatly.

In 2014, China's silicon carbide products are exported to the following top five countries and regions.

 In 2014, China's synthetic diamond products are exported to the following top five countries and regions.

 In 2014, China's Brown Fused Alumina products are exported to the following top five countries and regions.