China's State Administration of Taxation (SAT) and South Korea's National Tax Service (NTS) signed first bilateral APA on 6 November 2007 in Seoul, Korea. This is the third APA signed by China (APAs have been signed with Japan and the United States). The signed APA relates to a South Korean manufacturing multinational company with subsidiaries in China. The subsidiaries in China will exempted from transfer pricing audits for the next five years.