The free trade agreements between China and South Korea, and China and Australia officially come into force today. According to the agreements, both sides will cut tariffs on certain traded goods.
The target is to eventually eliminate all tariffs. Many will be removed for the first time today, and more will be cut every year. FTA talks between China and South Korea started back in May 2012 with the final deal taking three years to finalize.
The talks between China and Australia took more than 10 years, a deal was finally inked earlier this year in June 2015. Both agreements cover various fields, including goods, services, and investments.
