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Chinese & Australian companies benefit from Free Trade Agreement


03-23-2017 14:00 BJT

Full coverage: Premier Li Visits Australia, New Zealand

(Source: CGTN)

China has been the biggest trade partner for Australia for eight consecutive years. Chinese and Australian companies have benefited greatly from their Free Trade Agreement that went into force in 2015.

A batch of frozen seafood and beef from Australia is being prepared for sale at a wholesale market in Guangzhou, China.
An example of growing trade. A third round of bilateral tariff cuts took effect in January earlier this year, giving foreign trade companies operating in China significant price advantages.

Take seafood for example, the wholesale price of Australian seafood being sold in this market has dropped by over 10 percent. And the tariff rate is likely to be cut to zero in the future.

"In the past it was difficult for us to compete with illegal imports due to high taxes, but after the tariff cuts under the FTA, our business has been doing a lot better. And more importantly, that ensures a fairer market for us," Sun Donghui, general manager of North-South Import & Export Trading Co., said.
Other products are also benefiting from the change as well. During the first three quarters of 2016, imports of Australian wine and nutritional products have increased by 30%, and 900% respectively. While Chinese machinery exports to Australia have gone up by nearly 150%.

China has close trade ties with Australia. It is not only Australia's largest export destination, but also its largest source of imports.

Foreign trade volume between the two sides reached 104 billion US dollars last year alone.

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