Enterprises in Shandong have imported a total of about 750 million yuan favored products from South Korea and Australia with a tax deduction of more than 24 million yuan in two months since the China-South Korea and China-Australia free trade agreements took effect on December 20, 2015, according to statistics revealed by Qingdao Customs.
Shandong boasts geographical advantages and complementary industries with South Korea. Seizing the opportunity of the China-South Korea FTA, businesses in Shandong expand imports and exports with South Korea. It has obtained 10.74 million yuan of tax deduction with the import of 420 million yuan favored commodities from South Korea in two months since the implementation of the FTA. The imported products are mainly valves and parts, sulphur and ion exchanger. Shandong has also imported more than 330 million yuan’s products from Australia in two months since December 20, 2015. The imported products from Australia comprise soft coal, red meat and barley.
Shandong is expected to have a big harvest in foreign trade with South Korea and Australia with the gradual implementation of the FTAs.