SYDNEY: Two years after it first came into effect, the China-Australia free trade agreement (FTA) is continuing to deliver great benefits to both nations.
Commenting on the FTA in a media release published late Wednesday, Australia’s trade minister Steven Ciobo said exports to China rose to record levels in 2016-2017, with wine and skincare products doing particularly well.
“Removal or reduction of Chinese tariffs has strengthened our export numbers to our largest trading partner — Australia’s goods and services exports to China rose 25% in 2016-17 to a record AUD 110 billion ($84.3bn),” Ciobo said.
Ciobo said recent positive results would continue as tariffs continue to be reduced between the two nations. He said fresh products such as seafood and fruits would be cheaper for Chinese businesses to import.
This week Undercurrent News reported that Australian whole fresh Atlantic salmon exports have surged this year to over 5,000 metric tons in the first ten months.
Besides a stronger harvest than last year, Australian salmon exporters have benefited from Chinese tariffs of 4%, down from 10% prior to the FTA. Next year, Chinese tariffs on salmon will be reduced to 2%.
