China has 11 free trade agreements in force, three of which are under negotiation and three others are under consideration. Many of them are relatively small, although they are useful for companies in the countries that have them, Chile, Costa Rice, Iceland and Peru. The Pakistani agreement is often used in bilateral Sino-pak relations, which are obviously strong, with Pakistan being the main beneficiary of Chinese foreign investment in Southeast Asia, while China also has an interesting free trade agreement with Switzerland, signed in the middle of last year and expected to come into force later in 2014. In particular, Switzerland is not a member of the EU, although it is a member of the European Free Trade Association and has a bilateral agreement with the European Union. Switzerland is one of the few European countries to benefit from a trade surplus with China, and the agreement was China`s first with a continental nation. Switzerland`s trade surplus with China amounted to about $23 billion in 2012, thanks in part to sales of luxury goods such as watches and chemicals. One of the big winners of the agreement was Nestlé, which, as part of the agreement on reducing consumer prices in China, will pass on the savings needed to make its products more competitive. “All the countries participating in the RCEP have concluded the negotiations and will sign the RCEP agreement this Sunday [5 November] at the 4th RCEP summit,” Malaysian Minister of International Trade and Industry Azmin Ali said in a statement on 11 November. The China-ASEAN Free Trade Agreement (CAFTA) is the first free trade agreement for foreign negotiations in China and the largest free trade area. CAFTA has strongly encouraged the long-term stable and rapid development of bilateral trade and economic relations. Chinese President Xi Jinping (3 L) will meet his Singaporean counterpart Tony Tan Keng Yam (4th R) on 6 November 2015 in Singapore.
[Xinhua] agreements negotiated and signed by the respective heads of state of each country, but which have not yet been ratified by the country`s legislative body. Free trade agreements are still being negotiated with Australia, which have been dragging on for several years due to concerns from Australia`s agricultural industry, but which can be concluded in 2014. Norway also negotiates and is a member of EFTA with Iceland and Switzerland. The Norway-China free trade agreement has been under negotiation since 2008, but, as in Australia, there is hope that it can be ratified before the end of the year. China is also negotiating the free trade agreement with the Gulf Cooperation Council, a political and economic union of six Arab states bordering the Persian Gulf – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. All six are oil exporters and are an important bloc for China. President Xi was directly involved in these negotiations and insisted that they be resolved as soon as possible. Nevertheless, the situation can be recovered – but only by companies qualified to do so, and with an understanding of Chinese rules, both from a legal and fiscal point of view. China has always been a tax game for foreign investors in its creative phase. We must pay attention to the details so as not to miss the bilaterally negotiated free trade agreements, which can be of great use.
ASEAN leaders said they intend to continue expanding trade with India and that the door remains open in New Delhi to join the bloc. Relations with Beijing were severed earlier this year after Canberra called for an international investigation into the source of the coronavirus, which first broke out in late 2019 in the central Chinese city of Wuhan.