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Chafta Agreement

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. The China-Australia Free Trade Agreement (ChAFTA) came into force on December 20, 2015. This first free trade agreement (FTA) gives Australia a considerable advantage in its trade relations with China, now the world`s largest economy. The potential benefits to Queensland will be significant in the key industries of agriculture, agriculture, mining, manufacturing and a wide range of services. The full text of the agreement, as well as useful information and information sheets from the ACF, are available on the website of the Ministry of Foreign Affairs and Trade. For any specific questions regarding the agreement, e-mail ChinaFTA@dfat.gov.au or DFAT phone on 02 6261 1111. Importers can contact the Ministry of the Interior. The Australian economy is reported to benefit from a 10-year dispute of about AUD 18 billion, making ChAFTA an important deal.

If this figure is about correct, we should certainly welcome the agreement as extremely positive. It seems, however, that there is not much new to this subject in China at the time of this article. The agreement also provides for a Most Favoured Nation (MFN) clause that will protect Australia`s competitive position in the future if China gives favourable treatment to other trading partners in the areas of education, tourism and travel-related services, construction, engineering, securities, environmental services, forestry, computer and related services, as well as certain scientific and consulting services. Australia and China signed the China Australia Free Trade Agreement (ChAFTA) on June 17, 2015, which came into force on December 20, 2015. Trade negotiations have secured many future benefits to Australia with Australia`s largest trading partner, China. The largest beneficiaries are those working in agriculture, manufacturing, services, investment, resources and energy. China also accepted a special clause recognizing Australia as the “most favoured nation” (MFN). This allows Australian companies to access the same agreements that China has in the area of free trade agreements with other nations (such as the United States) that could provide better access to the Chinese market. So who are the potential winners? The agreement seems to be a good thing for many Australian sectors, but especially for agriculture, resources, energy and manufacturing. Winners in the agricultural sector include dairy products, beef, sheep meat, wine, horticulture, barley, wool and seafood. For resources, energy and production, coal (coking coal and non-coke), copper, aluminum, iron ore, crude oil and liquefied natural gas (LNG) and a number of manufacturing industries. The benefits will come in the form of tariff reductions.

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] Information about ChAFTA is available on the Australian government`s website at: dfat.gov.au/fta/chafta/ At ChAFTA, China has offered Australia its best service obligations to date in a free trade agreement (with agreements with Hong Kong and Macao other than

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