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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

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