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China And Australia Will Launch A New Round Of Tariff Reduction Next Year: Almost All Goods On Both Sides 0 Tariff
- Nov 15, 2018 -

On November 8, State Councilor and Foreign Minister Wang Yi held the fifth round of China-Australia diplomatic and strategic dialogue with Australian Foreign Minister Payne in Beijing. The two sides agreed to implement another round of tariff reductions starting in 2019. By then, almost all goods in bilateral trade will enjoy zero tariffs.

Australian Birmingham, Minister of Trade, Tourism and Investment: "From January 1, 2019, after 8 weeks, all Chinese goods entering Australia will be exempt from customs duties."

China-Australia Free Trade Agreement

The Free Trade Agreement (FTA) is a free trade agreement between China and Australia that is currently under negotiation, referred to as the China-Australia Free Trade Agreement.

The negotiations were initiated in April 2005, officially signed on June 17, 2015, and entered into force on December 20, 2015.

From November 5th to 10th, 2018, Australia participated in the first China International Import Expo, which was one of the 66 countries invited to set up a national pavilion at the import fair. The scale is the third largest among the 130 participating countries.

The Australian business delegation to the Import Expo is made up of more than 200 Australian brands, covering a range of industries and brands in agriculture, mining, education, healthcare, tourism and manufacturing.

Entering the Australian Pavilion

At the Import Expo, Chinese and Australian companies signed 11 agreements spanning five years with a total value of nearly A$15 billion (approximately RMB 75.8 billion).

Covers a range of areas including travel, resources, infrastructure, e-commerce and logistics services.

Australian Birmingham, Minister of Trade, Tourism and Investment, said that the Import Expo is a good way to showcase China's modern economic achievements. Such achievements have lifted millions of people out of poverty and have actively changed the economy of our region.

Simon Birmingham said that Australia and China have much in common.

In particular, for the multilateral trading system based on rules and the efficient circulation of goods and services, both China and Australia abide by their commitments.

China and Australia share a common interest in ensuring the continuation and strengthening of this system. “It is this system that underpins our trade and the success we have achieved”.

Simon Birmingham particularly stressed that the China-Australia Free Trade Agreement has become an example for other countries to seek a free trade agreement with China, and the opportunities from the China-Australia Free Trade Agreement are far from over. There will be more in the future. opportunity.

It is understood that China is currently Australia's largest trading partner and the largest export destination country, and Australia is China's sixth largest export destination country. In 2017, the bilateral trade volume between China and Australia was US$136.26 billion, a year-on-year increase of 25.9%.

According to the China-Australia Free Trade Agreement, since 2015, China and Australia have carried out four tariff reductions, and imports of goods from Australia have begun to gradually reduce tariffs. A considerable number of commodities will achieve zero tariffs within five years. China and Australia will carry out the fifth round of concessions on New Year's Day next year.

From January 1, 2019, after 8 weeks, all Chinese goods entering Australia will be exempt from customs duties.

China will also cancel tariffs on a range of Australian products on display at CIIE, including “wine, infant formula and honey”.

List of A$15 billion agreement between China and Australia

1. Iron ore and supply and transportation agreements signed by FMG Group and Angang Group International Trade Co., Ltd., Baotou Steel Group International Economic and Trade Co., Ltd. and Lingyuan Iron and Steel Co., Ltd.;

2. A commitment signed by ANZ to enter into a financing arrangement with China Communications International (Hong Kong) Holdings Co., Ltd.;

3. The financing agreement signed between BBI Group and Zhongchong Group and the iron ore supply and transportation agreement signed with Shanghai Shengxuan Group;

4. Agreement between Aojiabao and JD.com to distribute health care products through e-commerce channels;

5. The logistics service cooperation agreement signed by Australia Post and China Inspection and Certification (Group) Co., Ltd. including traceability and logistics tracking;

6. The Adelaide Hong Kong-Australian Football Club and Rio Tinto signed an agreement to promote Australian football and support the Aboriginal Movement Leadership Program in China;

7. The Australian Tourism Board and China Eastern Airlines have signed a commitment to promote tourism in major Australian and Chinese markets;

8. The Australian Trade and Investment Commission signed an agreement to expand Australian product procurement on the Suning e-commerce platform.