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China and Australia are exempt from tariffs

Source :JETWAY      Publish:2018-11-15    

From November 5 to November 10, 2018, the first ChinaInternational Import Expo was held in Shanghai. The theme of this import fairis "New Age, Sharing the Future." The pre-Expo section is dividedinto two parts: the National Trade and Investment Comprehensive Exhibition andthe Enterprise Business Exhibition. The National Trade and InvestmentComprehensive Exhibition is referred to as the National Exhibition and coversan area of about 30,000 square meters. In addition to China, a total of 81countries and WTO, the United Nations Industrial Development Organization, theInternational Trade Center and other international organizations exhibited.
Australia is one of the 66 countries invited to set up a national pavilion atthe Import Expo. The Australian business delegation to the Import Expo consistsof more than 200 Australian brands. Brands and companies covering a range ofindustries including agriculture, mining, education, health care, tourism andmanufacturing. The scale is the third largest of the 130 participatingcountries.
At the import fair, Chinese and Australian companies signed 11 agreements witha total value of nearly A$ 15 billion over five years, covering a range ofareas including tourism, resources, infrastructure, e-commerce and logisticsservices. But the specific amount of each transaction, and how many orders areadded to demand, is not clearly stated.
Ximeng•bominghan, Australia's trade, tourism and investment minister, says theimport fair is a good way to showcase China's modern economic achievements.Such achievements have lifted millions out of poverty and positivelytransformed the economies of our region.
Ximeng•bominghan, Australian Minister of Trade, Tourism and Investment
Mr Ximeng•bominghan said Australia and China had a lot in common. Inparticular, China and Australia are committed to a rules-based multilateraltrading system in which goods and services are effectively circulated. Chinaand Australia have a common interest in ensuring the continuation and strengtheningof this system. "It is this system that supports our trade and oursuccess."
In particular, Ximeng•bominghan stressed that the "China-Australia FreeTrade Agreement" has become an example for other countries to seek a freetrade agreement with China, and the opportunity from the "China-AustraliaFree Trade Agreement" is far from over. There are more opportunities inthe future.
According to the China-Australia Free Trade Agreement, since 2015, China andAustralia have made four tariff concessions, and imports from Australia havegradually reduced tariffs. A considerable number of commodities will achievezero tariffs within five years. Next New Year's Day, China and Australia willmake a fifth round of concessions
"From January 1, 2019, that is, eight weeks later, all Chinese goodsentering Australia will be exempted from tariffs. It will also lift tariffs ona range of Australian products, including wine, infant formula and honey,displayed at the import fair. "
All Australian tariffs will be abolished in 2019! In return, from January 1,2019, tariffs on all Chinese goods entering Australia will be cancelled!
Australia is the world's most dependent developed economy. Currently, China isAustralia's largest trading partner and largest export destination country.Australia is the sixth largest export destination country in China. Thebilateral trade volume between China and Australia in 2017 was 136.26 billionU.S. dollars, an increase of 25.9 % year-on-year. At the same time, Australiais also an ally of the United States, which is Australia's biggest investor.
The prospect of a deepening trade war between China and the United States islikely to have a profound impact on Australia's economy. Former AustralianForeign Minister Baoboqiaer has warned that if the Trump administration startsa trade war with China, Australia will suffer a catastrophic impact that couldplunge the Australian economy into recession.
In addition to China, Mr Xiluo•amusitelang has threatened to impose tariffs onJapanese cars exported to the US, said Xiluo•amusitelang, an Asian economist atthe Australian National University. That would lead Australia's top threeexporters to be embroiled in a dangerous international economic crisis. Hewarned that the scope of the global trade war was spreading and that countrieshad chosen to respond in kind. Even if Australia is not targeted by tariffs, itwill inevitably suffer huge losses.
KPMG also warned that if a full trade war breaks out, the Australian economymay lose 36 billion Australian dollars in the short term by 2022, and thousandsof people may be unemployed; Over the long term, Australia could lose a$ 500billion over the next 10 years, leaving 60000 people without jobs.
As a firm ally of the United States, since 2017, China-Australia economic andtrade relations have been affected due to the unfriendly voice of leaders fromall walks of life in Australia. But now, although it still has some degree ofmilitary cooperation with the United States, the wind direction to China can besaid to have turned. Australia's new leaders have repeatedly sent friendlysignals to China. In his first foreign policy speech since taking office onNovember 1, he mentioned China 10 times in a row, expressing his urgent desireto deepen the comprehensive strategic partnership between China and Australia,and stated that what he most wants to say to China is "I hope thatChina-Australia trade will resume."
According to the China-Australia Free Trade Agreement, since 2015, China andAustralia have made four tariff concessions, and imports from Australia havegradually reduced tariffs. A considerable number of commodities will achievezero tariffs within five years. Next New Year's Day, China and Australia willmake a fifth round of concessions.
The specific list of A$ 15 billion China-Australia Enterprises Agreement is asfollows
FMG Group and Angang Group International Trade Co., Ltd., Baogang GroupInternational Economic Trade Co., Ltd. and Lingyuan Iron and Steel Co., Ltd.signed the iron ore and supply and transportation agreement;
A commitment signed by AZB to enter into financing arrangements with SICAInternational(Hong Kong) Holdings Limited;
The financing agreement signed by BBI Group and Zhongchong Group and the ironore supply and transportation agreement signed with Shanghai Shengxuan Group;
The agreement between Ao Jiabao and Jingdong to distribute health productsthrough electronic commerce channels;
Australia Post and China Inspection Certification(Group) Co. Ltd. signed alogistics service cooperation agreement including traceability and logisticstracking;
Adelaide Hong Kong-Macau Rugby Club signed an agreement with Rio Tinto Group topromote Australian football in China and support the Aboriginal sports leaderprogram;
The Australian Tourism Bureau and China Eastern Airlines signed a commitment tocarry out tourism promotion in major Australian and Chinese markets;
The Australian Trade Investment Commission has signed an agreement to expandthe procurement of Australian products on the Suning Electronic CommercePlatform.


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