According to Qingdao Customs, China and South Korea signed FTA on June 1, which would usher in new trade opportunities for Shandong province. According to the statistics, at least over 4,000 import and export enterprises, of which over 1,800 are in Qingdao, enjoy the preferential treatment of tax reduction in the first year when the FTA was in force.
Currently, South Korea has become the second largest trade partner of Shandong province, with an import and export volume of 46.62 billion yuan, increasing 2.5% in first quarter of this year.
It was estimated that more than 4,000 export enterprises would directly enjoy tax benefits, with an exporting tax concession of about 850 million yuan and an importing tax concession of about190 million yuan in the first year.
Qingdao Customs would pay close attention to China-Korea FTA, and take clearance measures to enhance further trade facilitation as well as supporting Shandong province to seize growth opportunities for Korean trade.
