Home / Knowledge / News / Textiles / Landmark China-Australia FTA comes into force
Landmark China-Australia FTA comes into force
21
Dec '15
The landmark free trade agreement between China and Australia came into effect officially on Sunday (December 20), giving competitive advantages for exporters and investors from both countries into each other's market.

The China-Australia Free Trade Agreement (ChAFTA) enables more than 86 per cent of Australia's goods exports to China duty free, worth more than $65 billion.

Once the agreement is fully implemented in four years, 96 per cent of Australian goods will enter China duty free, while 100 per cent of Chinese exports to Australia will enjoy zero-tariff treatment.

As far as textiles and clothing are concerned, under the FTA, China will get better access to Australian wool, while Australia will get Chinese textiles and apparel at lower prices. About 75 per cent of Australian raw wool is exported to China, and in 2013, the value of Australian wool exports to China was $1.9 billion, according to Australian Wool Innovation.

China's top five exports to Australia include clothing, telecom equipment and parts, computers, furniture, toys and sporting goods while its top imports from Australia are iron ore and concentrates, coal, gold, education-related travel services and copper.

Under ChAFTA, Chinese enterprises and consumers will have greater access to natural resources and finished products like high-quality food. Australians will also benefit from cheaper China-made garments and electronic gadgets.

Australian Trade Minister Andrew Robb said tariffs have been cut on a range of important Australian exports including dairy, beef, lamb, wine, seafood, fruit and vegetables, processed foods, vitamins and health products.

Negotiations for ChAFTA began in 2005 and the agreement was signed in Canberra in June 2015. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Alibaba Group

Apparel/Garments | On 18th Jan 2017

Alibaba forges global alliance to fight counterfeiting

Jack Ma led Alibaba Group has forged an alliance with various global...

Apparel/Garments | On 18th Jan 2017

HanesBrands earns above average scores in CDP 2016

Global apparel and innerwear retailer HanesBrands said it has...

Courtesy: UPM Raflatac

Apparel/Garments | On 17th Jan 2017

New residue free textile label adhesive from UPM Raflatac

Producer of self adhesive label materials UPM Raflatac, has...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search