China Free Trade Agreements With Other Countries
China also concluded a free trade agreement with New Zealand in 2009, which will be phased in over a 10-year period for its products. The free trade agreement will eliminate all tariffs on Chinese exports to New Zealand by 2016 and eliminate 96% of Tariffs on New Zealand exports to China by 2019. The agreement will also facilitate reciprocal investment and trade in services. The deal has been very beneficial for kiwis like Fonterra. New Zealand`s fishing industry has also benefited. Although China already has a number of bilateral trade agreements, this is the first time it has signed a regional multilateral trade pact. But he said that the United States accounts for 25 percent of the world economy, and “We need to align ourselves with other democracies, 25 percent or more, so that we can set the rules of the way, instead of dictating the results of China and others because they are the only game in the city.” China is Australia`s largest trading partner, with a two-way goods and services flow of more than $135 billion in 2014. Many of these free trade agreements will be phased in once they are concluded, meaning that consultants who invest in China in China from one of these countries or regions must have the latest developments so that their clients can fully use what they can offer and who will do so later. RCEP is a free trade agreement between ten members of ASEAN, China, Japan, South Korea, Australia, New Zealand and will account for about one third of global GDP and the world`s population.
The RCEP brings together China, Japan and South Korea for the first time in a trade agreement and includes 10 Southeast Asian countries, as well as Australia and New Zealand. Free trade agreements are still being negotiated with Australia, which have been dragging on for several years due to concerns from Australia`s agricultural industry, but which can be concluded in 2014. Norway also negotiates and is a member of EFTA with Iceland and Switzerland. The Norway-China free trade agreement has been under negotiation since 2008, but, as in Australia, there is hope that it can be ratified before the end of the year. China is also negotiating the free trade agreement with the Gulf Cooperation Council, a political and economic union of six Arab states bordering the Persian Gulf – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. All six are oil exporters and are an important bloc for China. President Xi was directly involved in these negotiations and insisted that they be resolved as soon as possible. Biden said he would wait for new trade deals to be negotiated.
It wants to focus its energy on the pandemic, economic recovery and investments in U.S. manufacturing and technology. Trade and investment flows into Asia have increased significantly over the past decade, a trend that has accelerated amid wrangling between the United States and China, where the two superpowers have imposed billions of tariffs on each other`s exports. On 28 April 2009, the Chinese and Peruvian authorities signed the free trade agreement between China and Peru in Beijing. The China-Peru Free Trade Agreement, which came into force on January 15, 2010, is China`s first comprehensive free trade agreement with a Latin American country.