HOME

TheInfoList



Click Here for Items Related To - China–Australia Free Trade Agreement
OR:
China–Australia Free Trade Agreement on:   [Wikipedia]   [Google]   [Amazon]

The China–Australia Free Trade Agreement (ChAFTA) is a bilateral
free trade agreement A free trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating state (polity), states. There are two types of trade agreements: Bilateralism, bilateral and Multilateralism, m ...
(FTA) between the governments of
Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...
and
China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...
. Since negotiations began, 21 negotiating rounds have been completed. The deal was completed on 17 November 2014 and details released two days later, nearly 10 years after its first round of negotiations that began on 23 May 2005 after a joint
feasibility study A feasibility study is an assessment of the practicality of a project or system. A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats pr ...
. The free trade agreement was signed between the two countries on 17 June 2015. Following the usual treaty making process the agreement came into force on 20 December 2015, after the Chinese Government completed its domestic legal and legislative processes and the Australian Parliament’s Joint Standing Committee on Treaties and the Senate Foreign Affairs, Defence and Trade References Committee finished a review.


Background

According to the Australian Department of Foreign Affairs and Trade, in 2014, China was Australia's largest export market for both goods and services, accounting for nearly a third of total exports, and a growing source of foreign investment. Australia's Prime Minister
Tony Abbott Anthony John Abbott (; born 4 November 1957) is an Australian former politician who served as the 28th prime minister of Australia from 2013 to 2015. He held office as the leader of the Liberal Party of Australia and was the member of parli ...
and China's
paramount leader Paramount leader () is an informal term for the most important Supreme leader, political figure in the China, People's Republic of China (PRC). The paramount leader typically controls the Chinese Communist Party (CCP) and the People's Liberatio ...
Xi Jinping Xi Jinping, pronounced (born 15 June 1953) is a Chinese politician who has been the general secretary of the Chinese Communist Party (CCP) and Chairman of the Central Military Commission (China), chairman of the Central Military Commission ...
announced the conclusion of negotiations for the China–Australia Free Trade Agreement (ChAFTA) on 17 November 2014. A Declaration of Intent to work towards signature of the Agreement was signed by Australia's Trade and Investment Minister Andrew Robb and China's Commerce Minister Gao Hucheng.


Provisions

Upon full implementation of the agreement, 95 percent of Australian exports to China will be tariff free. These will include many agricultural products, including beef and dairy. In addition, there will be
liberalization Liberalization or liberalisation (British English) is a broad term that refers to the practice of making laws, systems, or opinions less severe, usually in the sense of eliminating certain government regulations or restrictions. The term is used ...
of
market access In international trade, market access refers to a company's ability to enter a foreign market by selling its goods and services in another country. Market access is not the same as free trade, because market access is normally subject to condition ...
for Australia's services sector, and investments by private companies from China under 1,078 million AUD will not be subject to FIRB approval. In addition there will be an Investor State Dispute Settlement mechanism under the treaty. There will be a Work and Holiday Agreement in which Australia will grant up to 5,000 visas to Chinese nationals for work and holiday makers. The free trade agreement was signed in Canberra, Australia between the two countries on 17 June 2015. The agreement will follow the usual treaty making process whereby it will come into force when China will complete its domestic legal and legislative processes and in Australia, review by the Australian Parliament’s Joint Standing Committee on Treaties, and the Senate Foreign Affairs, Defence and Trade References Committee.


See also

* New Zealand–China Free Trade Agreement *
Japan–Australia Economic Partnership Agreement The Japan–Australia Economic Partnership Agreement (JAEPA) is a trade agreement between Australia and Japan. The negotiations for the agreement were concluded in 2014 and it took effect on January 15, 2015. Background Australia's negotiation ...
* Australia–Korea Free Trade Agreement *
Abbott government The Abbott government was the federal executive government of Australia led by the 28th Prime Minister Tony Abbott. The government was made up of members of the Liberal–National Coalition. The Leader of The Nationals, Warren Truss, served ...


References


External links


China-Australia FTA
on the China FTA network
China-Australia FTA
on Australian Government Department of Foreign Affairs and Trade {{DEFAULTSORT:Australia-China Free Trade Agreement Australia–China relations Free trade agreements of China Proposed free trade agreements Free trade agreements of Australia Bilateral treaties of Australia