China to complete South Korea, Australia FTZ agreement

Thursday 11 September 2014 13:40 CET | News

The Shanghai-based free trade zone (FTZ) agreement with South Korea and Australia is expected to conclude by November 2014.

In April 2014, South Korea and Australia signed a FTZ agreement with each other. South Korea will benefit from the elimination of tariffs on 90% of all goods and 85% of imports by value.

In what concerns Australia, the agreement would reduce or remove tariffs that impact trade in goods, restrict regulations that impede services and implement measures that encourage more foreign direct investment (FDI) between the two countries.

Ma Zhaoxu, China’s ambassador to Australia, has informed that once the agreement is concluded, it could be worth up to USD 10 trillion by 2020.

In recent news, Amazon has announced that it will launch a new store in the Shanghai Free Trade Zone (FTZ) due to less restrictive trade regulations in what concerns sales of products in China.

Check out our Cross-border Ecommerce Research section here for more info on specific ecommerce facts and figures, preferred payment methods, risk and fraud, as well as ecommerce legislation and regulation in China.

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Keywords: China, South Korea, Australia, FTZ, ecommerce, tax-free, free trade, agreement, Asia=Pacific
Categories: Payments & Commerce
Countries: World
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