China-S Korea Free Trade Agreement to take effect

The free trade agreement between China and South Korea was signed on June 1 and is expected to come into effect by the end of this year.

Once it goes into effect, South Korea will eliminate tariffs on 92 percent of all products from China within 20 years. In return, China will abolish tariffs on 91 percent of all South Korean goods. With the signing of the FTA, e-commerce export business booms Weihai, a coastal city in east China’s Shandong Province.

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