People’s Daily reported on June 17 that China and Australia signed a Free Trade Agreement (FTA), making Australia the largest economy that has an FTA with China. A few weeks back, China also signed a free trade agreement with South Korea. According to the new agreement, in 4 to 11 years, key imports from Australia such as dairy products (which have a current tariff of 20 percent), wines (current tariff 12~20 percent) and beef (current tariff 12~25 percent) will enjoy zero tariffs. Rice, wheat, wool, and cotton imported from Australia will also enjoy zero tariffs. Experts expect that the trade volume between the two nations may gain an additional increase of US$16 billion annually. The agreement will benefit China mainly in certain categories in manufacturing and industrial fields such as spinning, clothing, toys, and sports equipment. These benefits will be realized over the next decade.
Source: People’s Daily, June 17, 2015
http://world.people.com.cn/n/2015/0617/c157278-27172265.html