CHINA – China has substantially increased beef imports from Australia in the first seven months of 2019, reaching the yearly imports quota under the free trade agreement between the two countries four months earlier than expected.
The bilateral free trade trade talks may be accelerated as China’s domestic market continues to expand and the country is seeking more trade partners to oppose unilateralism and protectionism amid the trade war with the US, according to experts.
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More imports from Australia are likely to enjoy a lower tariffs and a higher quota soon, experts said.
China’s beef imports from Australia have topped 172,411 tons, exceeding the yearly quota on August 15 by 170,000 tons for 2019 under the agreement between the two countries, according to a note issued by the General Administration of Customs (GAC) on Monday.
Beef imports from Australia will be levied at the most-favored-nation tariff rate from August 17, said the note.
