Disir
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- Sep 30, 2011
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Under the deal more than 85 percent of Australian goods entering China will carry no penalty, rising to 95 percent in coming years.
Australian businesses currently face charges of up to 40 percent on goods sent to China, but under the deal penalties on virtually all resources and energy products — a key plank in the trade relationship and among Australia’s top exports — will be abolished.
Duties will also be lifted on agricultural exports including wine, meat, seafood and dairy products to feed China’s growing middle class.
In return, Australia will remove the existing 5-percent tariff on Chinese electronics and white goods, meaning cheaper goods for Australian consumers but some reduction in revenue.
China also won concessions on foreign investment, with the threshold for government review to be lifted in most areas apart from agricultural land and agribusiness.
CHINA AUSTRALIA SIGN LANDMARK FREE TRADE DEAL
Interestingly, Australia doesn't view China as a threat.
Australian businesses currently face charges of up to 40 percent on goods sent to China, but under the deal penalties on virtually all resources and energy products — a key plank in the trade relationship and among Australia’s top exports — will be abolished.
Duties will also be lifted on agricultural exports including wine, meat, seafood and dairy products to feed China’s growing middle class.
In return, Australia will remove the existing 5-percent tariff on Chinese electronics and white goods, meaning cheaper goods for Australian consumers but some reduction in revenue.
China also won concessions on foreign investment, with the threshold for government review to be lifted in most areas apart from agricultural land and agribusiness.
CHINA AUSTRALIA SIGN LANDMARK FREE TRADE DEAL
Interestingly, Australia doesn't view China as a threat.
