China has been Australia’s largest trading partner since 2006-07 on a financial year basis, with two-way trade valued at $150 billion in 2014-15. This accounts for 23 per cent of Australia’s total trade with the world. China is also our number one export market, number one import supplier, and largest market for exports of each of the agriculture, resources and services sectors.
The Chinese market is important to businesses and consumers across Australia, including in our states and territories. In 2014-15, goods trade with China accounted for approximately: 41 per cent of total Western Australian trade; 25 per cent of total New South Wales trade; 20 per cent of total South Australian trade; 23 per cent of total Victorian trade; 19 per cent of total Tasmanian trade; 21 per cent of total Queensland trade; and 20 per cent of total Northern Territory trade.
The China-Australia Free Trade Agreement (ChAFTA) will help to secure continued growth of our trade relationship with China. ChAFTA will benefit Australian businesses and everyday consumers alike by:
- making our goods exports more competitive in the growing Chinese market through reducing or removing tariffs on Australia’s high-quality goods
- reducing the costs of importing from China by eliminating tariffs on goods imports from China
- making it easier for Australian businesses to operate and expand in the growing Chinese market by securing or improving access for Australian services providers in China
- encouraging new investment into Australia to boost our economic growth by liberalising review thresholds on non-sensitive investment proposals from private Chinese companies.
Are you ready for ChAFTA?
To find more about the benefits to your business, read the fact sheet for your business sector on the DFAT website, or contact ChinaFTA@dfat.gov.au.
This Guide, prepared by DFAT, has important information for traders looking to export or import under ChAFTA.
These FAQs help with the most-commonly asked questions about ChAFTA.
Want to know more about making your business export ready for ChAFTA? Call Austrade for more advice on 13 28 78, or register to attend an FTA information Seminar.
Do you have a business story to tell? We are looking for business case studies and would like to hear from you, please email us: ChinaFTA@dfat.gov.au.
Fact sheet last update: 5.01.2016