Home / Knowledge / News / Textiles / Australia, China sign landmark Free Trade Agreement
Australia, China sign landmark Free Trade Agreement
17
Jun '15
Courtesy: DFAT, Australia
Courtesy: DFAT, Australia
Australia has signed a landmark Free Trade Agreement with China, its largest trading partner, with total trade worth almost $160 billion in 2013-14, and a growing source of investment, the Australian government said in a statement..

The China-Australia Free Trade Agreement (ChAFTA) will lock in existing trade and provide the catalyst for future growth across a range of areas including goods, services and investment.

The agreement secures better market access for Australia to the world’s second largest economy, improves our competitive position in a rapidly growing market, promotes increased two-way investment and reduces import costs. It is a win for households and businesses alike.

On day one of the ChAFTA, more than 85 per cent of Australian goods exports will be tariff free, rising to 95 per cent on full implementation.

One of the highlights of the FTA is that China shall operate the Country Specific Tariff Quota (CSTQ) in a transparent manner and, on request of Australia, provide information on the quantity of the CSTQ issued. Unless otherwise agreed, the rules applying to the administration of the CSTQ for the products of Australian origin will be consistent with the Detailed Rules for Implementation of Administration on Import Tariff Quotas of Wool and Wool Tops in 2015 or any successor rules in force in any given calendar year.

The FTA was signed by Australian trade and investment minister Andrew Robb and his counterpart, Chinese commerce minister Gao Hucheng.

“This agreement will give our nations unprecedented access to each other's markets. It removes barriers to Australian agricultural exports across a range of products, including beef, dairy, lamb, wine, horticulture and seafood. It means duty free entry for 99.9 per cent of our resources, energy and manufacturing exports within four years,” Australian prime minister Tony Abbott said after the signing ceremony.

But Australian trade unions do not quite share the prime minister’s optimism. Unions are deeply concerned the FTA will undermine local jobs and increase unemployment. The Abbott Government has been deliberately vague on the details about labour mobility and labour market testing clauses within the agreement, they say.

“The Abbott Government needs to come clean on the impact the China Free Trade Agreement will have on unemployment and local jobs. Free trade agreements must support local jobs and industry and all indications are that the deal with China does not. There must be strong rules around labour market testing and labour mobility clauses in the China free trade deal to ensure local jobs are protected,” said ACTU President Ged Kearney.

The agreement will enter into force after the completion of domestic legal and parliamentary processes in China and Australia, including review by the Australian Parliament’s Joint Standing Committee on Treaties, and the Senate Foreign Affairs, Defence and Trade References Committee. Both countries are working to complete these steps and bring the agreement into force as soon as possible. (SH)

Fibre2fashion News Desk – India


Must ReadView All

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Kerem Durdag
Biovation II LLC

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search