Countries With Free Trade Agreement With China

by admin on December 6, 2020

Chinese Premier Li Keqiang celebrated the signing of the agreement in a speech at the summit, saying: “The signing of the RCEP is not only a milestone in East Asian regional cooperation, but also a victory for multilateralism and free trade.” He Weiwen, a former Official of the Beijing Ministry of Commerce and a prominent expert on Chinese trade, said the agreement was nevertheless a major step forward. According to the Association of Southeast Asian Nations (ASEAN), RCEP members together account for nearly one-third of the world`s population and represent a similar share of the global economy and trade. The Peterson Institute for International Economics estimates that the new agreement could potentially grow the global economy by $186 billion per year. Although China already has a number of bilateral trade agreements, this is the first time it has signed a regional multilateral trade pact. The China-backed agreement is seen as an alternative to the Trans-Pacific Partnership (TPP), a Washington trade initiative that no longer exists. The free trade agreement between China and South Korea officially entered into force on December 20, 2015. Under the agreement, South Korea will eliminate tariffs on 92% of all Chinese products within 20 years of implementation, in exchange for China`s abolition of tariffs on 91% of South Korean products. Japanese Prime Minister Yoshihide Suga on Saturday reaffirmed his government`s support for “the expansion of a free and fair economic zone, including the possibility of India`s future return to the agreement, and hopes to win the support of other countries.” Switzerland (which has a customs union with Liechtenstein, which is sometimes included in agreements) has bilateral agreements with the following countries and blocs:[41] President-elect Joe Biden said Monday that the United States must align itself with other democracies to write down the rules of world trade – not China. The People`s Republic of China has bilateral trade agreements with the blocs, countries and their two specific administrative regions:[13] Trade and investment flows in Asia have increased significantly over the past decade, a trend that has accelerated amid the dispute between the United States and China, where the two superpowers have imposed multi-billion euro tariffs on each other`s exports. The statement by the Heads of State and Government states that the agreement demonstrates “our strong commitment to supporting economic recovery, inclusive development, job creation and strengthening regional supply chains, as well as our support for an open, rules-based open trade and investment agreement.” Negotiations on the free trade agreement began in August 2006 and both sides completed negotiations in September 2008, during eight rounds of negotiations.

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