October 16, 2021

The China-Australia Free Trade Agreement signed as soon as possible this week

The China-Australia Free Trade Agreement signed as soon as possible this week

With the signing of the China-Australia FTA, many native Australian industries will receive direct benefits.

According to the results of the previous negotiations, Australia’s tariffs on all products in China eventually fell to zero. China’s tariffs on the vast majority of products in Australia eventually fell to zero. In the service sector, they made open commitments to each other covering many sectors and high quality; In the field, the two parties mutually grant MFN status from the effective date of the agreement, and at the same time significantly reduce the threshold of corporate investment review, and increase market access opportunities, predictability, and transparency of corporate investment. The scope of the agreement covers more than a dozen fields such as goods trade, service trade, investment, and regulations, and includes “21st-century economic and trade issues” such as e-commerce and government procurement.

The China-Australia FTA can help the industry save more than A$630 million (approximately 3.39 billion yuan) in tariffs in the next 10 years. In addition to dairy products, the agreement will also give zero tariff advantages to Australian rice, wheat, wool and cotton.

Currently, a 3% tariff on coking coal will be exempted immediately, and a 6% tariff on thermal coal will be exempted within the next 2 years. Recently, the coal import tax imposed on Australia will also be exempted within the next two years.

Chinese ambassador to Australia Ma Chaoxu recently published a signed article stating that the bilateral free trade agreement will be formally signed, approved and implemented, which will inject new impetus into the promotion of the economic and trade relations between China and Australia. According to 2013 forecast data, after the implementation of the China-Australia FTA, the trade increase between the two countries can exceed US$16 billion, accounting for approximately 10% of bilateral trade volume in 2013.

Some studies have pointed out that compared to the tariff preferences of raw materials, agricultural products and services obtained by Australia in the free trade agreement, China will benefit most from the agreement in manufacturing, especially textiles, clothing, toys and sports equipment. Manufacturing Industry. And these positives will be gradually realized within 10 years.

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