Trade Agreements Australia And China
ChAFTA will strengthen export momentum and give Australia`s exports an advantage over major competitors from the United States, Canada and the EU. In addition, Australia is likened to competitors from countries such as New Zealand and Chile, which have already negotiated trade agreements with China. 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.  The free trade agreement between the two countries was signed on June 17, 2015 in Canberra, Australia.  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.  The China-Australia Free Trade Agreement (ChAFTA) came into force on December 20, 2015. Australian Trade and Investment Minister Andrew Robb, a signatory to ChAFTA, said: “This historic agreement with our largest trading partner will support future economic growth, job creation and a higher standard of living by increasing trade in goods and services and investment. China, with its 1.4 billion people and rapidly growing middle class, offers Australian businesses huge opportunities for the future. ChAFTA concludes the government`s “Trifecta of Trade” with Australia`s three main export markets after concluding similar agreements with Japan and South Korea earlier this year. Last year, these three North Asian markets together accounted for more than half of Australia`s exports. Madeleine King, Labour`s trade policy spokeswoman, also strongly supported the Morrison government`s plan to bring China to the World Trade Organization for barley tariffs, a move against which trade experts warned the solution could take up to three years. 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. The agreement also provides for a Most Favoured Nation (MFN) clause that will protect Australia`s competitive position in the future if China treats other trading partners in education, tourism and travel-related services, construction, engineering, securities, environmental services, forestry, computer and related services in the future. , as well as some scientific and advisory services. After nearly a decade and 21 rounds of intense negotiations, Australian Prime Minister Tony Abbott and Chinese President Xi Jinping this week launched a sweeping free trade agreement.