Senator for the ACT Zed Seselja said local businesses are now less than a week away from realising the benefits created by the China-Australia Free Trade Agreement (ChAFTA), following confirmation the FTA will enter into force on Sunday the 20th of December.
Senator Seselja explained the announcement by the Minister for Trade and Investment Andrew Robb, follows the ‘exchange of notes’ between both countries in Sydney on Wednesday the 9th of December, signalling that both Australia and China have now fulfilled their respective domestic requirements.
Senator Seselja said ChAFTA coming into force this year was a significant achievement by the Coalition Government and one that will save Australian exporters hundreds-of-millions-of-dollars in extra tariff payments next year alone.
“As of the 20th of December we will see an immediate round of tariff cuts, followed by a second round of cuts on 1 January 2016, allowing the benefits of the agreement with China to flow quickly through to local businesses and consumers,” Senator Seselja said.
“The Government has worked hard to ensure this high-quality agreement enters into force before the end of the year, giving Australian businesses large and small, enhanced market access to the world’s second biggest economy; one that is increasingly seeking the high quality goods and services our country is renowned for,” Senator Seselja said.
“For our local region, this is particularly good news for financial, legal and telecommunication services looking to expand abroad,” Senator Seselja concluded.
The powerful trifecta of agreements the Government has secured with China, Japan and Korea ensures our home-grown businesses are vastly more competitive in a market of more than 1.5 billion people, opening up endless opportunities across goods, services and investment.
Together with the Trans-Pacific Partnership Agreement (TPP), the trade agreements with Asia form a key plank of the Government’s strategy to promote jobs, growth and innovation in this critical post-mining investment boom period.
Resources for businesses are available at www.openforbusiness.gov.au