China-South Korea Signed Free Trade Agreement, Tungsten Products Tariffs Reduced by 5%

China-South Korea after signed FTA, up to 20 years, China zero-tariff products will achieve up 92% of tax items and achieve up 91% of imports. Korean and China 90% products tax items and 85% trade volume all achieve linearization, namely the tariff is zero. China to reduce some clothing, footwear, skin care products, diapers and other consumer goods import tariffs and the average range fell more than 50%. The agreement covers trade in goods, services, investment and rules, a total of 17 areas, including the e-commerce, competition policy, government procurement, environment and other 21st century economic and trade issues. In terms of tungsten products, South Korea imported tungsten products form China can enjoy most-favoured-nation clause and the tariff of tungsten products reduced by 5%.

MFN is an important provision of trade treaty, which refers to contracting party A present and future giving all the privileges, concessions and exemptions to any third party and should give to the contracting party B. The MFN principle requires members to grant each other most-favored among parties, namely the GATT contracting principle is: a member of the trade preferences and licensing another party member must be automatically extended to all other members. As the basic and the most important principle of GATT, the MFN principle to regulate trade in goods between the members of the party, to promote the expansion of international trade and development played an important role.

The treatment range of MFN is large, and the most important is tariff treatment of the major import and export commodities, including imports, exports or transit goods and other taxes; there are some strict customs regulations, procedure and fees about merchandise import, export, transit, warehousing and change ships. In the Treaty of Commerce and Navigation, the scope of the MFN clause applies even bigger, the contracting state into the ship and its cargo, and pulled out all kinds of taxes, fees and formalities at berth are included.

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