From January 1st, China and Australia will exempt import and export tax!
Not long ago, China announced that from January 1, 2019, China will cancel the import duty on Australian seafood. At the inaugural Expo in China, Australia also pointed out that from January 1 next year, all Chinese goods entering Australia will be exempt from customs duties, and 11 agreements worth 15 billion Australian dollars will be signed with Chinese companies.
China and Australia sign 11 agreements worth $15 billion
On November 7, the Chinese and Australian companies signed 11 agreements spanning 5 years with a total value of nearly 15 billion Australian dollars (about 75.8 billion Yuan). The Australian Trade, Tourism and Investment Minister Simon Birmingham revealed that these commercial agreements cover a range of areas including tourism, resources, and infrastructure, e-commerce, and logistics services. The diversity of the coverage areas of the agreement demonstrates the breadth and diversity of opportunities for Australian companies to gain access in China. He also said that from January 1st, all Chinese goods entering Australia will be exempt from customs duties.
China cancels Australian seafood import tax from January 1
China has also announced that it will cancel the import tax on Australian seafood from January 1. The China-Australia FTA, which came into effect in 2015, is China’s first free trade agreement with major developed economies. According to Article 4 of the China-Australia Free Trade Agreement: China has gradually phased out the import of Australian seafood taxes, including abalone, lobster, and oysters, within four years.
At present, China has reached 17 free trade agreements with 25 countries and regions, with free trade partners in Europe, Asia, Oceania, South America, and Africa. China is also Australia’s largest trading partner, export market and source of imports, while Australia is China’s eighth largest trading partner. According to Chinese statistics, the bilateral trade volume between China and Australia in 2017 was US$136.26 billion, a year-on-year increase of 25.9%.
Australia wants to repair China-Australia relations
If Australia has always cherished its cooperation with China, then it will continue to carry forward the “myth” that has maintained a 27-year economic recession. However, since the absence of a gap with China, Australia’s losses are not small. Recognizing this, Australia has also frequently extended its olive branch, hoping to restore the cooperative relationship between China and Australia. Birmingham stressed that the Australian side has always cherished its trade relations with China, saying that any external fluctuations will not affect Australia’s independent trade policy, and Australia will continue to adhere to developing a friendly trade policy toward China.
On the 7th to the 9th of this month, Australian Foreign Minister Mary’s Payne will also visit China and expect China-Australia relations to be “reset”.