We are pleased to announce that after 21 rounds of negotiations, over almost a decade, the China Australia Free Trade Agreement has now come into force.
The China Australia Free Trade Agreement (ChAFTA) came into force on 20 December 2015.
So now that ChAFTA is here, what does this mean for your business?
The ChAFTA opens the doors for trade between Australia and China. China is Australia’s largest export market, representing almost a third of all Australian exports. With a rapidly growing market in China and a burgeoning middle class, there is increasing demand for Australia’s premium products and services – in particular food, agricultural and health care products and financial services, aged care and education services.
The ChAFTA will give some sectors in Australia better access to China than ever before. However, this window of opportunity won’t stay open indefinitely. Other free trade agreements with China could soon come into effect eroding the opportunities for Australia.
Businesses can now assess with certainty what opportunities are available to them and should act now to benefit from the first mover advantage.
5 tips to get your business ChAFTA ready are:
For more information please click here to view our short update from Daren Yeoh “Are you ChAFTA ready?”
If you have any queries or require any assistance, please contact your ShineWing Australia relationship partner.