One year on, China-Australia FTA delivers for Wentworth
Tomorrow marks the first anniversary of the ground-breaking China-Australia Free Trade Agreement (ChAFTA).
Prime Minister Malcolm Turnbull, Member for Wentworth, said ChaFTA has given local businesses a competitive advantage that is driving exports and creating new jobs.
“ChAFTA is the most favourable trade deal China has ever done with a developed economy,” Mr Turnbull said. ”
“It has put Wentworth exporters in pole position to capitalise on China’s growing middle class and their increasing demand for the high quality goods and services we offer.”
Wentworth businesses exporting fresh boneless beef, abalone, navel oranges, cherries and grapes have been just some of the big winners from ChAFTA.
In the first three quarters of 2016, as tariffs on wine were cut by 5.6 per cent, the value of wine exports to China increased by 42 per cent to $308.8 million.
Another round of tariff cuts will occur on 1 January 2017.
“Further tariff cut means that Wentworth businesses exporting 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,” Mr Turnbull said.
“And every year, those tariffs will be cut again for Australia until they reach zero, building on the competitive edge ChAFTA is already providing for Wentworth exporters.
The Coalition Government is pursuing an ambitious trade agenda, and more agreements like ChAFTA, to create more opportunities for Wentworth to expand and employ more locals.