Today marks exactly one year since Australia signed the ChAFTA Free Trade Agreement with our largest export market, China – and Federal Minister for Trade The Hon Steven Ciobo MP says the deal is certainly proving its value to our country.
The Minister said the deal had put local exporters “in pole position to capitalise on China’s growing middle class and their increasing demand for the high quality goods and services Australia offers.”
He says in the first three quarters of this year, as tariffs were cut on Australian exports to China:
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- the value of fresh table grapes increased 6 times to $102 million;
- medicament exports for therapeutic use grew more than 90 per cent to $523 million;
- milk power exports grew almost 80 per cent to $127 million;
- bottled wine exports grew more than 40 per cent to $309 million;
- fresh naval orange exports grew 55 per cent to $51 million; and
- fresh cheese exports grew 28 per cent to $33 million.
The potential for Australian exports to China should continue strongly in the new year, with another round of tariff cuts beginning on 1 January 2017.
Minister Ciobo said that means “in less than a fortnight, premium Australian products like bottled wine, various pharmaceuticals, nuts, ice cream and seafood will face a tariff less than half that paid by major competitors like France, the US and Canada.”
“And every year, those tariffs will be cut again for Australia until they reach zero.