Make your home page | Add to Favorites Sign In | Join Now | Posting Buying Leads | Help |
Food & Beverage Online
Home Suppliers For Sellers For Buyers Tradeshow News My 21Food
Aquatic Product | Canned Food | Machinery |
  General News Consumption & Health Regulation Food Price Search Food Safety Company News 21Food Events Research & Innovation Market Watch  
Australian farmers receive early Christmas present from China-Australia FTA
Time:10 Dec 2015
Posted by

Australia's agriculture sector have received an early Christmas present on news the first round of Chinese import tariffs will be cut on Dec. 20 when the China-Australia Free Trade Agreement comes into force.

Signed in June, both countries have exchanged the agreement's enacting letters which is expected to drive up trade worth now 100 billion Australian dollars (72 billion U.S. dollars) annually, cutting import tariffs on wide ranging products including agriculture and financial services needed to service a rising middle class.

The first round of tariff cuts will happen on Dec. 20, with a second cut to take effect from Jan. 1 2016, helping improve the competitiveness of the nation's produce into China amid stiff competition, Australia's agriculture minister Barnaby Joyce said on Wednesday.

"The China-Australia FTA will also close the gap between Australia and those countries that already have FTAs with China, such as New Zealand and Chile, and provides a significant advantage over other major competitors in the market which do not have FTAs with China," Joyce said in a statement.

The first year of tariff cuts is worth 400 million Australian dollars (288 million U.S. dollars) to the local agriculture industry, the National Farmers Federation have said.

Despite the China-Australia FTA being signed in June, the implementation of the agreement has had a rocky path into implementation by local political campaigns that have been labelled as xenophobic, risking the future growth of the struggling economy.

Australia is undergoing one of its most significant economic transitions as the commodities boom comes to a halt, helped by a low Australian dollar and strengthening business and consumer sentiment, tailoring exports to capitalize on the rising Asian middle class.

"Now the (China-Australia FTA) has come into effect, it's time to get on with the job," Professor James Laurenceson, economist and deputy directory of the Australia-China Relations Institute, told Xinhua.

"(Australia is) still far better off being exposed to a Chinese economy growing at around 7 percent than OECD economies growing at 2 percent."

Australia's agriculture industry has been the bright spot of the local export economy, up 11.4 percent year on year despite a 4.1 percent decline in goods exports, dragged by falling iron ore which led to Australia's trade deficit blowing out to 3.3 billion Australian dollars in October, according to official figures released last week.

Close Window

Related News
Search News
Food Price Search - China Food & Agri. Products Daily Market Price Engine
Updated daily market price of more than 500 markets, more than 4000 kinds of food, agricultural products, accurate, timely and comprehensive. Welcome to use!
By Regional Market
By Food Category
By Food Keyword
Famous Company News & Photo Gallery
Hot News Week Review
Email this page   Bookmark this page
About 21Food | Premium Membership | Terms of Service | Privacy Policy | Advertisement | Contact us | Site Map
Copyright 2002-2019 Food & Beverage Online. All rights reserved. ICP NO.:Zhe B2-20090288-2