China is one of the world`s largest trading nations, with an economy that has experienced exponential growth in recent decades. To maintain this growth, China seeks to enter trade agreements with various countries to expand its global influence and secure markets for its goods. In this article, we will discuss the countries that China has trade agreements with.
1. Pakistan
China entered a free trade agreement with Pakistan in 2006, which came into effect in 2007. This agreement allows Pakistani goods to enter China without tariffs, and vice versa. Since then, bilateral trade between the two countries has seen significant growth.
2. South Korea
China signed a free trade agreement with South Korea in 2015, which was the first free trade agreement with a major Northeast Asian economy. This agreement has boosted bilateral trade, particularly in the service sector.
3. Australia
China signed a free trade agreement with Australia in 2015, which has been of great benefit to both countries. Australian agricultural exports, such as beef, wine, and dairy products, have seen significant growth in the Chinese market, while China has increased exports of steel and other manufactured goods to Australia.
4. New Zealand
China signed a comprehensive free trade agreement with New Zealand in 2008, which has helped to expand bilateral trade. New Zealand now exports a significant amount of its goods, such as dairy products, to China.
5. ASEAN countries
China has free trade agreements with the members of the Association of Southeast Asian Nations (ASEAN), which include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. This agreement has assisted in increasing bilateral trade between China and these countries.
6. Russia
China and Russia signed a free trade agreement in 2018, which focuses on the development of cross-border e-commerce and the trade of agricultural products, among other areas. This agreement is expected to increase trade volume between the two countries significantly.
7. Japan
China has been negotiating a free trade agreement with Japan since 2012. However, negotiations have been slow, with issues such as tariffs on imported vehicles and agricultural products being a sticking point. Nevertheless, both countries are keen on reaching a deal to expand bilateral trade.
In conclusion, China has been actively seeking trade agreements with various countries to expand its global influence and secure markets for its goods. These agreements have assisted in increasing bilateral trade between China and the partnering countries. As China`s economy continues to grow, its trade agreements with different nations are expected to increase, leading to further expansion of its global presence.