The Australia-China Trade Agreement 2019: What You Need to Know
In November 2014, Australia signed a free trade agreement (FTA) with China, which was seen as a major milestone for both countries. The agreement helped to boost trade and investment between Australia and China, which are two of the largest economies in the world. It has also helped to create new opportunities for businesses in both countries, particularly in the areas of agriculture, mining, and manufacturing.
Fast forward to 2019, and the Australia-China Trade Agreement (ACTA) is as important as ever. In fact, the agreement has been extended to include new provisions and updates that will further strengthen the relationship between Australia and China.
So, what exactly is in the new agreement? Here are some of the key points to know:
1. Tariff reductions
One of the biggest benefits of the ACTA is that it reduces tariffs on a range of goods and services traded between Australia and China. This includes a phase-out of tariffs on Australian wine, beef, dairy, and seafood exports to China, which will provide significant cost savings to Australian producers.
2. Improved market access
The ACTA also provides for increased market access for Australian businesses in key sectors such as agriculture, resources, energy, and professional services. In particular, the agreement provides for improved access for Australian exporters of horticultural and grain products, as well as greater access for Australian service providers.
3. Intellectual property protection
Another important provision of the ACTA is the strengthening of intellectual property protection for Australian businesses operating in China. This includes improved protections for trademarks, patents, and copyrights, which will help to address some of the concerns that have been raised by Australian businesses operating in China.
4. E-commerce provisions
The new agreement also includes provisions to facilitate electronic commerce between Australia and China. This includes provisions to improve the cross-border flow of data and to enhance consumer protection in online transactions.
5. Investment facilitation
Finally, the ACTA includes provisions to facilitate investment between Australia and China. This includes the establishment of a framework for bilateral investment cooperation and the creation of an online investment information platform to help Australian businesses identify investment opportunities in China.
Overall, the Australia-China Trade Agreement 2019 is a significant development in the relationship between these two key trading partners. The new provisions and updates will help to further boost trade and investment between Australia and China, providing new opportunities for businesses in both countries. Whether you are a business owner or a consumer, it is important to stay informed about the details of the agreement and how it may impact your business or purchasing decisions.