Tomorrow marks the first anniversary of the ground-breaking China-Australia Free Trade Agreement (ChAFTA).
Federal Member for Parkes, Mark Coulton said ChaFTA has given local farmers and businesses a competitive advantage that is driving exports and creating new jobs.
“ChAFTA is the most favourable trade deal China has ever done with a developed economy,” Mr Coulton said.
“It has put our exporters in pole position to capitalise on China’s growing middle class and their increasing demand for the high quality goods and services we offer.”
Mr Coulton said local farmers and business exporting fresh or chilled boneless beef have been big winners from ChAFTA.
“In the first three quarters of 2016, as tariffs on fresh or chilled boneless beef were cut by 8.4 per cent, the value of boneless beef exports to China increased by 18 per cent to over $49 million,” Mr Coulton said.
Another round of tariff cuts will occur on 1 January 2017.
“Further tariff cuts means that farmers and businesses exporting products like bottled wine, various pharmaceuticals, nuts, ice cream and seafood will face a tariff less than half that paid by major competitors like France, the US and Canada,” Mr Coulton said.
“And every year, those tariffs will be cut again for Australia until they reach zero, building on the competitive edge ChAFTA is already providing for our local exporters.
“ChAFTA is unlocking exciting possibilities to our largest export market.
“The Coalition Government is pursuing an ambitious trade agenda, and more agreements like ChAFTA, to create more opportunities for rural and regional New South Wales to expand and employ more locals.”