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China Australia Free Trade Agreement Summary

The establishment of the China-Australia Free Trade Area facilitates not only trade and investment between the two countries, but also the stable development of the Asia-Pacific region and the liberalization of world trade. The first round of negotiations took place in Sydney on May 23, 2005. 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. At ChAFTA, China offered Australia its best service obligations to date in a free trade agreement (with agreements with Hong Kong and Macao with China). The benefits for Australians exporting goods to China are significant and extend to the removal or reduction of tariffs, larger quotas for certain limited goods, and streamlined custom processes. A total of 98% of Australian products exported to China are admitted tax-free or at preferential prices. Essentially, the negotiated terms have given Australia a significant competitive advantage in the Chinese market over some of our major competitors such as the United States, Canada, the EU and New Zealand, particularly in our agri-food and processing sector. Among the main findings are: Before entering the Chinese business market, there are a number of factors to consider, including culture, politics and business etiquette. Austrade can help Australian companies become familiar with local market conditions and help develop export opportunities through a number of market and Australian services. There will be a labour and leave agreement in which Australia will grant up to 5,000 visas to Chinese nationals for work and vacationers. [7] The free trade agreement between the two countries was signed on June 17, 2015 in Canberra, Australia. [4] The agreement will follow the usual contracting process, during which it will enter into force when China completes its domestic legal and legislative procedures and in Australia, the review by the Standing Committee on the Treaties of the Australian Parliament and the Committee on Foreign Affairs, Defence and Trade of the Senate.

[4] The China-Australia Free Trade Agreement (ChAFTA) is a bilateral free trade agreement between the governments of Australia and China.

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