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China-Australia FTA put into effect

by ChemOrbis Editorial Team -
  • 21/12/2015 (15:21)
According to media reports, a free trade agreement between China and Australia officially went into effect on December 20, cutting tariffs on a range of exports. The second round of tariff cuts will also enter into force by January 1, 2016. The agreement will enable 96% of Australian goods to enter China duty free as well as all permitting all Chinese exports to Australia to be shipped duty free.

The Chinese government stated the agreement will help boost economic cooperation and growth for the two countries and significantly improve bilateral relations, noting that the FTA in question provides the highest level of overall trade and investment liberalization among all such agreements involving China.

China’s top imports from Australia are coal, copper, iron ores and concentrates, gold and education-related travel services while the country’s top exports to Australia are clothing, telecom equipment and parts, computers, furniture, toys and sporting goods.
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