In accordance with Australia`s other bilateral trade agreements, the remaining Australian tariffs on Chinese imports will be phased out. These include removing 5% tariffs on Chinese exports, electronics and white goods, consumers and businesses benefiting from lower prices and greater availability of Chinese products. ChAFTA concludes the government`s „Trifecta of Trade“ with Australia`s three main export markets after concluding similar agreements with Japan and South Korea earlier this year. Last year, these three North Asian markets together accounted for more than half of Australia`s exports. The trade agreement between Xi Jinping and Donald Trump is „the other disruptive factor“ in the current context, she said, because it required China to buy a certain amount of goods from the United States, „which means they won`t buy that from us or anyone else.“ The full text of the agreement, as well as useful information and information sheets from the ACF, are available on the website of the Ministry of Foreign Affairs and Trade. For any specific questions regarding the agreement, e-mail ChinaFTA@dfat.gov.au or DFAT phone on 02 6261 1111. Importers can contact the Ministry of the Interior. After nearly a decade and 21 rounds of intense negotiations, Australian Prime Minister Tony Abbott and Chinese President Xi Jinping this week launched a sweeping free trade agreement. ChAFTA exports 85% of Australia`s exports to China duty-free after entry into force, with an increase of 93% in four years and 95% if fully implemented. Although many details are not yet complete (official documents will be signed in 2015), the government estimates that the agreement will generate $18 billion in economic benefits (1.1% of GDP) over a decade. The China-Australia Free Trade Agreement (ChAFTA) came into force on December 20, 2015.
This first free trade agreement (FTA) gives Australia a considerable advantage in its trade relations with China, now the world`s largest economy. The potential benefits to Queensland will be significant in the key industries of agriculture, agriculture, mining, manufacturing and a wide range of services. ChAFTA will enhance trade and investment between countries by reducing barriers to labour mobility and improving temporary access to temporary access within the existing immigration and employment safeguards of each country. The agreement – known as Chafta – eliminated tariffs on Australian barley and sorghum when it came into force in December 2015, while cutting out posts for Australian seafood, sheep meat and horticulture.