The two free trade deals are expected to drastically slash tariffs between China and the two countries and considerably boost trade links. Under the deal, South Korea will eliminate tariffs on over a half of the goods from China, and China will exempt tariffs on some 20 percent of South Korean goods, accounting for over 44% of China’s import volume from the country. In the Australian FTA, both countries will exempt tariffs on over 85 percent of goods imported from each other, including minerals, chemical products and medical equipment.
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