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Export To Australia Will Be Free Of Duty Soon!!

Yangzhou Runyuan Lighting Co.,Ltd | Updated: Nov 14, 2018

Chinese and Australian companies signed 11 deals worth nearly a $15 billion over five years at the import expo, covering a range of sectors including tourism, resources, infrastructure, e-commerce and logistics services. But the exact amount of each transaction, and how many orders were added to demand, was not specified.


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Following is the full report:



According to the china-australia free trade agreement, China and Australia have made four tariff concessions since 2015. The tariffs on Australian imports have been gradually reduced. On New Year's day next year, China and Australia will carry out the fifth round of concessions.



Simon Birmingham, Australia's minister of trade, tourism and investment, who was in Shanghai for the fair, said: "All Chinese goods entering Australia will be exempt from tariffs from January 1, 2019. Of course, this is important to many of you here, and China will also remove tariffs on a range of Australian products on display at CIIE, including wine, infant formula and honey. "



Australia is the developed economy most dependent on China in the world. At present, China is the largest trading partner and largest export destination of Australia, and Australia is the sixth largest export destination of China. China-australia bilateral trade volume in 2017 was $136.26 billion, up 25.9 percent year-on-year. Australia is also an ally of the United States, which is Australia's largest investor.



The prospect of a deepening sino-us trade war could have far-reaching consequences for Australia's economy. Bob carr, a former Australian foreign minister, has warned that if the trump administration starts a trade war with China, Australia would suffer catastrophic effects and could plunge the country into recession.



Shiro Armstrong, Asia economist at the Australian national university, said that besides targeting China, trump also threatened to impose tariffs on Japanese cars that export to the United States, which would lead Australia's top three export destinations to become embroiled in the dangerous international economic clash. He warned that the scope of the global trade war was spreading, and that countries were responding in kind to the war. Even if Australia is not the target of the tariffs, it will inevitably suffer huge losses.



KPMG also warned that if a trade war were to break out in full, thousands of people could lose their jobs in the short term as the Australian economy could lose a $36 billion by 2022. In the long term, Australia could lose a $500 billion over the next 10 years, leaving 60,000 jobs unsecured.



As a staunch ally of the United States, china-australia economic and trade relations have been affected to some extent since 2017, as Australian leaders from all walks of life have made hostile voices to China. But now, while it still has some degree of military cooperation with the United States, the wind toward China is arguably turning a corner, and Australia's new leader has repeatedly sent a friendly signal to China. In his first foreign policy address since taking office on November 1, he referred to China 10 times in a row, expressing an urgent desire to deepen the comprehensive strategic partnership between China and Australia, and saying that what he most wanted to say to China was "I hope that china-australia trade will resume".



On Nov. 7, Chinese and Australian companies signed 11 deals worth nearly 15 billion Australian dollars over five years. China has put on a grand list of a wide range of sectors, including tourism, resources, infrastructure, e-commerce and logistics services. Not only that, many exhibits exhibited in Australia this year also won great favor from China: next year, all tariffs will be abolished!



Yes, you heard me right!



In 2019, China will abolish all tariffs in Australia! In return, all tariffs on Chinese goods entering Australia will be lifted from January 1, 2019.



On top of that, China and Australia signed 11 agreements worth nearly a $15 billion over five years, covering a range of areas including tourism, resources, infrastructure, e-commerce and logistics services.



It is understood that China is now Australia's largest trading partner and largest export destination country, and Australia is China's sixth largest export destination country. China-australia bilateral trade volume in 2017 was $136.26 billion, up 25.9 percent year-on-year.



According to the china-australia free trade agreement, China and Australia have made four tariff concessions since 2015. The tariffs on Australian imports have been gradually reduced. On New Year's day next year, China and Australia will carry out the fifth round of concessions.


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