China and Australia officially signed the free trade agreement, and food tariffs were generally reduced
Gao Hucheng,Minister of Commerce of China,and Andrew Rob,Minister of Trade and Investment of Australia,signed the Free Trade Agreement between the Government of the People's Republic of China and the Government of Australia on behalf of the two governments in Canberra,Australia,on the 17th.Australian Prime Minister Abbott attended the signing ceremony.
The China Australia Free Trade Agreement negotiation was launched in April 2005 and lasted for ten years.The formal signing of the agreement laid the foundation for the two countries to implement their respective domestic ratification procedures and make the agreement enter into force as soon as possible.
The China Australia Free Trade Agreement covers more than ten fields such as goods,services and investment in content,and has achieved the goal of"comprehensive,high-quality and balanced interests".It is one of the free trade agreements with the highest overall level of trade and investment liberalization that China has signed with other countries so far.
In the field of goods,85.4%of the exports of both sides will be zero tariff immediately after the agreement comes into force.After the transition period of tax reduction,the proportion of tax items and trade volume in Australia will eventually reach 100%;The proportion of tax items and trade volume that China realizes zero tariff will reach 96.8%and 97%respectively.This greatly exceeds the 90%tax reduction level in the general free trade agreements.
In the field of services,Australia has promised to open its service sector to China in the form of a negative list since the Agreement came into force,becoming the first country in the world to make a commitment to China's service trade in the form of a negative list.The Chinese side opens its service sector to the Australian side in the form of a positive list.In addition,Australia also made special arrangements for China in terms of holiday working mechanism.
In the field of investment,the two sides will give each other the most favored nation treatment since the agreement comes into force;At the same time,Australia will lower the review threshold for Chinese enterprises to invest in Australia and make facilitation arrangements.
In addition,the agreement also stipulates the promotion of bilateral exchanges and cooperation in more than ten fields,including e-commerce,government procurement,intellectual property,competition and other"21st century economic and trade issues".
Australia is a major developed economy with large economic aggregate and a major exporter of agricultural products and energy and mineral products in the world.It has a mature market economic system and a matching legal system and governance model.The signing of the China Australia Free Trade Agreement is an important and solid step in China's process of accelerating the formation of a global network of high standard free trade zones,and will play an important role in promoting China's comprehensive reform under the"new normal"and building a new open economic system.The China Australia Free Trade Agreement is also a free trade agreement signed by China and another important economy in the Asia Pacific region after South Korea.This is of great significance for promoting the Regional Comprehensive Economic Partnership(RCEP)and the Asia Pacific Free Trade Area(FTAAP)process,accelerating the process of economic integration in the Asia Pacific region,and achieving common development and prosperity in the region.
The signing of the China Australia Free Trade Agreement is an important milestone in the development of China Australia economic and trade cooperation.China and Australia have always been important trade and investment partners to each other.The bilateral economic and trade relations have developed rapidly and the scale of trade and investment has continued to expand.In 2014,the bilateral trade volume between China and Australia was US$136.9 billion,16 times that of 2000.By the end of 2014,China's total investment in Australia was about US$74.9 billion.At present,Australia is the second largest destination of China's overseas investment after Hong Kong.China is Australia's largest trade partner in goods,the largest source of imports and the largest export destination.After the China Australia Free Trade Agreement comes into force,it will further promote the flow of funds,resources and personnel between the two countries,promote the sustainable and in-depth development of the complementary economic advantages of the two countries,so that the industry and consumers of the two countries can benefit widely and benefit the two peoples.
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