The China-Australia Free Trade Agreement (FTA) was first signed in 2015, and since then, it has been a critical trade agreement for both countries. The 2020 agreement is a continuation of this partnership, and it promises to benefit both nations in a multitude of ways.
The FTA focuses primarily on cutting tariffs on a wide range of products and services, which promotes the trade of goods and services between China and Australia. The new agreement will also eliminate barriers to trade, making it easier for Australian businesses to export to China. This is particularly beneficial to the agricultural sector, with tariffs on beef, sheep meat, and wine exports from Australia set to decrease. The agreement also includes the mutual recognition of degrees, certificates and qualifications, which will allow students and workers to move between both countries more easily.
The agreement also covers investment, with China agreeing to provide better access to Australian services and investment in the Chinese market. This will help to promote business between the two countries and encourage further investment.
Furthermore, the agreement highlights the importance of e-commerce and innovation. The FTA encourages cooperation and collaboration between the two countries in areas such as science, technology, and innovation. This is particularly important as the world becomes increasingly digital, and both countries seek to develop and maintain their positions as global leaders in innovation and technology.
Overall, the China-Australia Free Trade Agreement 2020 serves as a testament to the strong economic ties between the two nations. The agreement promises to increase trade, investment, and cooperation, which are all crucial to the success of both countries. The agreement also serves as a reminder of the benefits of free trade and the importance of international cooperation and collaboration in today`s global economy.