China Australia Free Trade Agreement

[11]. Senate Committee on Foreign Affairs, Defence and Trade, Blindagreement: Reforming Australia`s treaty-making process, The Senate, Canberra, June 2015, S. ix. Australia is following the global trend of negotiating agreements on a bilateral or regional basis. Prior to 2003, Australia was the only agreement with New Zealand, but since then agreements have been concluded with Singapore, Thailand, the United States, Chile, Malaysia, Japan, Korea and a regional free trade agreement with the Association of Southeast Asian Nations (ASEAN) and New Zealand. [10] There are also several separate agreements under negotiation, including with India and Indonesia. ChAFTA is the best option available to promote Australia`s broader business interests with our largest trading partner, including promoting our interests in minerals and energy, as well as related services and investments. The agreement provides for substantial liberalization of trade and investment, which will deepen bilateral economic integration. It eliminates all tariffs on mineral and energy exports to China within four years of coming into force, reducing transaction costs by about $600 million per year.

[57] Agricultural groups strongly support the China-Australia free trade agreement; whereas trade unions and consumer associations have raised concerns about labour market audit rules and investor-state dispute settlement rules. … the worst trade deal an Australian government has ever signed and tried to impose on Australian public opinion. [63] [2]. Customs Act 1901 (Cth) and Customs Tariff Act 1995 (Cth), called September 20, 2015. It should be noted that chAFTA itself does not need Parliament`s approval. Indeed, the negotiation and conclusion of treaties such as free trade agreements are matters of the executive. Before entering the Chinese business market, there are a number of factors to consider, including culture, politics and business etiquette. Austrade can help Australian companies become familiar with local market conditions and help develop export opportunities through a number of market and Australian services. [85]. Ebd. China has already invested in Australia`s agricultural industry, and this investment is expected to continue with ChAFTA and its reduction of barriers to investment in Australia for a mix of private companies and Chinese sovereign wealth funds.

These Chinese interests, as well as Australian dairy farmers, will have the potential to resell dairy and agricultural products to the Chinese market. Source: D Welch, `China Free Trade Agreement expected to tip billions into Australian farms, dairy industry to be popular with investors`, ABC News, (online edition), 1 September 2015, available October 10, 2015. In addition to the above commitments, China has agreed to review its obligations to services in the future, which will allow it to implement a “negative list approach.” Such a list prohibits services that are not covered by a trade agreement. Australia has adopted this approach in its ChAFTA service obligations. More generally, the services chapter must be reviewed every two years (or as agreed) “on a mutually beneficial basis for the gradual liberalization of trade in services between China and Australia.” [92] Free trade agreements can therefore be considered to provide more favourable trading conditions than for Member States outside the free trade agreement. The WTO notes that the conclusion of a free trade agreement involves giving the parties to the agreement more favourable terms than those of other WTO members, who “depart from the guiding principle of non-discrimination”. [20] However, WTO members can enter into regional trade agreements (a category comprising trade unions and free trade agreements) as long as they comply with WTO rules …

No Comments

Sorry, the comment form is closed at this time.