China`s Free Trade Agreements
China also concluded a free trade agreement with New Zealand in 2009, which will be phased in over a 10-year period for its products. The free trade agreement will eliminate all tariffs on Chinese exports to New Zealand by 2016 and eliminate 96% of Tariffs on New Zealand exports to China by 2019. The agreement will also facilitate reciprocal investment and trade in services. The deal has been very beneficial for kiwis like Fonterra. New Zealand`s fishing industry has also benefited. Since the implementation of the China-Pakistan Free Trade Agreement, companies in both countries have been offered more business and comfort opportunities, and consumers in both countries have more benefits. Bilateral trade continued to grow rapidly, growing from $6.9 billion in 2007 to $16 billion in 2014, with annual growth of about 15.3%. As far as trade in goods is concerned, at least 90% of the goods of both parties will not have gradual access to customs on the markets of the other party. In terms of services, Costa Rica will open an additional 45 sectors to China, including telecommunications, education and tourism, while China will open seven more service sectors in Costa Rica. Leaders of China and 14 other countries in the Asia-Pacific region have signed one of the largest free trade agreements in history, which includes 2.2 billion people and 30% of global economic output.
The China-Australia Free Trade Agreement (FTA) officially entered into force on December 20, 2015. Once fully implemented, 96% of Australian products will arrive in China duty-free, while 100% of Chinese exports to Australia will be processed duty-free. Under the agreement, all products exported by China to New Zealand will be duty-free from 1 January 2016, while tariffs on most New Zealand exports to China will be abolished from 1 January 2019. Biden said he would wait for new trade deals to be negotiated. It wants to focus its energy on the pandemic, economic recovery and investments in U.S. manufacturing and technology. Bilateral trade between China and Costa Rica increased in 2014 to $5.3 billion, a 145 percent increase over 2006. Under the agreement, nearly 96% of products are subject to zero tariffs on customs numbers and nearly 100% of trade volume For some trade experts, this new agreement shows that the rest of the world will not wait for the United States.