China FTA creates new opportunities for businesses in the New England Electorate
23 December 2015
FEDERAL Member for New England, Barnaby Joyce said thousands of tariffs on Australia’s high quality exports to China have now been cut or completely eliminated thanks to the landmark China-Australia Free Trade Agreement (ChAFTA).
Mr Joyce said ChAFTA coming into force in 2015 saves Australian exporters hundreds-of-millions-of-dollars in extra tariff payments next year alone, compared to if the agreement had been delayed until 2016.
“The Government has worked hard to ensure this high-quality agreement enters into force before the end of the year, providing an immediate round of tariff cuts, followed by a second round of cuts on 1 January 2016,” he said.
Once the agreement is fully implemented 96 per cent of Australian goods will enter China duty free.
“ChAFTA opens up an exciting world of opportunity for local businesses by securing markets and providing improved access to China across a range of areas including goods, services and investment,” Mr Joyce said.
For the New England Electorate, Mr Joyce said this is particularly good news for beef, sheep and pig meats, poultry, diary, grains, horticultural produce, wool, live beef and dairy cattle and minerals including coal.
“I’d certainly encourage local businesses large and small to make the most of our enhanced competitive position in the Chinese market, and learn more about how they can capitalise not only on this agreement, but also those we’ve secured with Korea and Japan,” Mr Joyce said.
“There’s growing demand across Asia for Australia’s world class goods and services; the opportunities are there for the taking, and if seized upon, will help create jobs, build our economy and lead to greater prosperity for everyone.”
Businesses can search for product-specific ChAFTA tariff information and guidance on rules of origin through an innovative new website: https//:ftaportal.dfat.gov.au
A guide for exporting and importing goods, providing step-by-step advice ahead of entry into force, is also available. These and other resources are available at: www.openforbusiness.gov.au