Australia Trade Agreements With China

- 03/12/20
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Deloitte has extensive experience in assisting businesses of all sizes to address governance and compliance issues raised by IFRS to achieve best practices. There will be a labour and leave agreement in which Australia will grant up to 5,000 visas to Chinese nationals for work and vacationers. [7] The free trade agreement between the two countries was signed on June 17, 2015 in Canberra, Australia. [4] The agreement will follow the usual contracting process, during which it will enter into force when China completes its domestic legal and legislative procedures and in Australia, the review by the Standing Committee on the Treaties of the Australian Parliament and the Committee on Foreign Affairs, Defence and Trade of the Senate. [4] Australia and China signed the China Australia Free Trade Agreement (ChAFTA) on June 17, 2015, which came into force on December 20, 2015. Trade negotiations have secured many future benefits to Australia with Australia`s largest trading partner, China. The largest beneficiaries are those working in agriculture, manufacturing, services, investment, resources and energy. China also accepted a special clause recognizing Australia as the “most favoured nation” (MFN). This allows Australian companies to access the same agreements that China has in the area of free trade agreements with other nations (such as the United States) that could provide better access to the Chinese market. ChAFTA contains investment rules that will strengthen and diversify our bilateral investment relations with China.

The Chinese government estimates total foreign investment at $1.25 trillion (AUD 1.44 trillion) over the next ten years. In addition, tariffs on a number of Australian energy resources and products will be eliminated, including the 8% alumina tariff on the first day of the agreement, which benefits our exports by about $1.3 billion a year. Tariffs on coking coal will be abolished on the first day, with tariffs on coal abandonment exceeding two years. ChAFTA will also include an Investor State Dispute Resolution Mechanism (ISDR). This will allow Australians to invest in China with greater confidence. The ISDS provisions provide strict safeguards to protect the Australian government`s ability to regulate in the public interest and pursue legitimate welfare objectives in areas such as health, safety and the environment. ChAFTA offers significant benefits to Australia`s energy resources and exports. With the entry into force, 93% of Australia`s resources, current energy and industrial exports will enter China duty-free and 99.9% if fully implemented. It is important that the recently introduced 3% coking rate be immediately abolished and that the 6% tariff for thermal coal be abolished within two years.

One of the key features of ChAFTA is an integrated mechanism that allows for further liberalization and market access to be extended over time, including a first review mechanism in three years. As a result, Australia is in a strong position to make additional profits, with China on the verge of further economic reforms in the future. The China-Australia Free Trade Agreement (ChAFTA) is a bilateral free trade agreement between the governments of Australia and China. Since the beginning of the negotiations, 21 rounds of negotiations have been concluded. [1] The agreement was reached on 17 November 2014 and the details were published two days later[2] almost ten years after the first round of negotiations, which began on 23 May 2005,[3] following a joint feasibility study.

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