The free trade agreement between Australia and China was signed in 2015, and it has been transforming the economic relationship between the two countries ever since. It represents one of the most significant bilateral trade agreements in history and provides an enormous opportunity for both nations to benefit from increased market access and a reduced economic barrier.
One of the primary objectives of the free trade agreement was to promote trade liberalization and help the economic growth of both Australia and China. The agreement has seen the elimination of tariffs on over 85% of Australian exports to China, and it has also opened up a range of new sectors for Australian businesses to access such as financial services, education and tourism.
The Australian agricultural sector has been one of the main beneficiaries of the free trade agreement, with beef, dairy and wine exports surging since its introduction. The reduction of tariffs on Australian meat exports to China has also provided a significant boost to the country`s beef industry, which has resulted in increased demand and higher prices for our farmers.
From China`s perspective, the free trade agreement has given its businesses greater access to the Australian market. As China`s middle class continues to grow, so too does the demand for quality products from overseas, and Australia is well placed to take advantage of this demand.
One of the most significant benefits of the free trade agreement between Australia and China is the creation of new jobs and business opportunities. The agreement has fostered greater cooperation between the two nations and created a platform for companies to work together in areas such as research and development, technology and innovation.
In conclusion, the free trade agreement between Australia and China has been a game-changer for the two nations` economic relationship. It has opened up new markets, increased trade and investment, and provided significant opportunities for Australian businesses to grow and succeed. Despite some challenges along the way, the free trade agreement has been a resounding success and will continue to benefit both countries for many years to come.