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] In accordance with Australia`s other bilateral trade agreements, the remaining Australian tariffs on Chinese imports will be phased out. These include removing 5% tariffs on Chinese exports, electronics and white goods, consumers and businesses benefiting from lower prices and greater availability of Chinese products. 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. If fully implemented, 99.9% of Australia`s resource, energy and production exports will be dumped in China duty-free. China is by far Australia`s largest market for energy resources and products.
In 2013-14, Australia exported more than $90 billion in resources, energy and industrial products to China. Following the last entry into force of the agreement, on 20 December 2015, 92.9% of Chinese imports of these products from Australia are now duty-free, with most of the remaining duties being removed within four years. The China-Australia Free Trade Agreement (ChAFTA) came into force on December 20, 2015. This first free trade agreement (FTA) gives Australia a considerable advantage in its trade relations with China, now the world`s largest economy. The potential benefits to Queensland will be significant in the key industries of agriculture, agriculture, mining, manufacturing and a wide range of services.
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