The China-South Korea Free Trade Agreement will take effect on December 20, and the second tax reduction will occur on January 1 next year.

　　According to CCTV reports: On the afternoon of December 9, Vice Minister of Commerce Wang Shouwen exchanged diplomatic notes with South Korean Ambassador to China Kim Jang-soo at the Ministry of Commerce, and both China and South Korea jointly confirmed that the "Free Trade Agreement between the People's Republic of China and the Government of the Republic of Korea" will officially take effect on December 20, 2015, with the first tariff reduction, and the second tariff reduction on January 1, 2016.

　　On the same day, our Ambassador to Australia, Ma Zhaoxu, and the incoming Australian Ambassador to China, Adams, respectively exchanged diplomatic notes in Sydney on the effectiveness of the China-Australia Free Trade Agreement, confirming that the "Free Trade Agreement between the People's Republic of China and the Government of Australia" will officially take effect on December 20, 2015, with the first tariff reduction, and the second tariff reduction on January 1, 2016.

　　The China-South Korea Free Trade Agreement started negotiations in May 2012 and was officially signed on June 1, 2015. The China-Australia Free Trade Agreement started negotiations in April 2005 and was officially signed on June 17, 2015.

　　What impact will the China-South Korea Free Trade Agreement have: Chinese people may enjoy "door-to-door services" for cosmetic surgery.

　　China and South Korea officially signed the "Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Korea" on June 1, and it is expected to take effect by the end of this year. At that time, over 90% of products from both sides will gradually enter a zero-tariff era. As the most comprehensive free trade agreement signed by China to date, covering a wide range of topics and involving the largest trade volume with a foreign country, what effects will the China-South Korea Free Trade Agreement have on the economies of both countries? How will it affect the lives of ordinary people?

　　The China-South Korea Free Trade Agreement will drive economic growth and promote industrial development between the two countries.

　　From the initiation of joint research on the China-South Korea Free Trade Agreement in 2005, to the formal start of negotiations in May 2012, and the signing of the free trade agreement on June 1, 2015, it took 10 years and went through 14 rounds of negotiations.

　　According to a report by the Korean News Agency on the 1st, the South Korean government predicts that after the free trade agreement takes effect, South Korea's GDP is expected to grow by 0.96% over the next 10 years, benefiting consumers by $14.6 billion, and creating more than 53,000 new jobs.

　　In fact, China is still South Korea's largest trading partner, while South Korea is China's third-largest trading partner. Previous research reports indicated that after the China-South Korea Free Trade Agreement takes effect, it will drive China's economic growth by 1-2 percentage points, and its contribution to the South Korean economy is expected to reach 2%-3%.