On 17 November 2014 Trade and Investment Minister Andrew Robb and China’s Commerce Minister Gao Hucheng signed a Declaration of Intent regarding the landmark Australia China Free Trade Agreement (ChAFTA) in the presence of Australia Prime Minister Tony Abbott and Chinese President Xi Jinping at Parliament House in Canberra. Both countries are now in the process of conducting legal reviews of the concluded text and they will prepare Chinese and English language versions to be signed in 2015.
ChAFTA will unlock substantial new benefits for Australian businesses in the years ahead. The agreement gives Australian businesses unprecedented access to the world’s second largest economy and greatly enhances our competitive position in key areas such as agriculture, manufacturing exports, services, investment, resources and energy. Along with the trade deals the Government has already concluded with Korea and Japan, ChAFTA forms part of a powerful trifecta of agreements with Australia’s major trading partners in North Asia. ChAFTA greatly improves Australia’s position relative to major competitor economies such as New Zealand Chile and ASEAN, whom have already concluded FTAs with China.
ChAFTA is a game changer for Australian companies and institutions involved with China. An understanding of the agreement is important to any Australian company planning a China strategy. For more information, visit Department of Foreign Affairs and Trade.
More information on doing business in China