The purchasing party wants to cry in the toilet! The China-Australia Free Trade Agreement was officially signed today with zero tariffs on 85% of Australian imports
"Chinatown"-Official media of Chinese Australians
On Wednesday, Australian Minister of Trade Andrew Robb and visiting Chinese Minister of Commerce Gao Hucheng formally signed a free trade agreement between the two countries at a ceremony at the Australian National Gallery in Canberra.
China is currently Australia's largest trading partner. Last year, the total trade volume between the two countries was 1600 billion Australian dollars.
Rob said that the agreement will open up a vast Chinese market for Australia and allow Australian agricultural products, primary products and services to enter China. He said that this is a landmark agreement. This agreement will lock Australia's trade relationship with its largest trading partner. This agreement will also be a catalyst for Australian companies to enter China, allowing Australian goods, services and investment to enter China and gain more benefits in the future.
According to the Australia-China Free Trade Agreement, 85% of Australia's goods will enter China duty-free, and the duty-free ratio will increase to 4% after 93 years. When the agreement is fully implemented, 95% of Australian goods will be completely tax-free. Chinese consumers will be able to buy Australian beef, dairy products, wine, fine whiskey, sea ginseng, opal and even deer antler at lower prices.
Correspondingly, Australia will cut tariffs on Chinese electrical appliances and white goods by 5%, which will further reduce the prices of these cheap electrical appliances and white goods, and encourage families to go shopping spree.
According to a report compiled by the Centre for International Economics commissioned by the government, Australia will add 9 jobs every year, thanks to the free trade agreements signed with China, Japan and South Korea, and 2035 more jobs by 17.8 job opportunity. GDP will increase annually by an additional 244 billion yuan, or 0.1%.
The center found that affected by trade stimulus, Australians will spend nearly 4500 yuan more per household per year in the next two decades, which is equivalent to about 460 billion yuan in total. But these consumption will also expand Australia's trade deficit, which reached a record 4 billion yuan in April this year.
While Australians are expected to spend an extra 460 billion yuan on Asian goods, Australian products are expected to receive a boost of 2035 billion yuan, or 200%, by 11.1.
Part of the growth will come from other markets, so Australia's total exports will increase by 0.5% compared to when the free trade agreement was not signed.
The Australia-China Free Trade Agreement will also provide convenience for Chinese people to invest in Australia, but what is currently more sensitive is the issue of a large number of wealthy Chinese buying houses in Australia.A survey conducted by the conservative think tank, the Lowy Institute, interviewed 1200 people and found that 39% of Australians believe that China will become a military threat to Australia within 20 years.
News compiled from "The Herald Sun"
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