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November 22, 2016

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Aussie businesses keener on China after FTA inked

AUSTRALIAN traders and investors have been more enthusiastic about the Chinese market in the past year after the signing of the China-Australia Free Trade Agreement, a senior official with the Australian Business Chamber in Shanghai said yesterday.

“We have seen a lot more Australian businesses coming to us and seeking help to enter the Chinese market,” said Darren Cocks, chief operating officer of the chamber.

Over 70 percent of Australian businesses plan to explore overseas in the following two years, and China is the second-most popular destination after the United States, a survey released by the Export Council of Australia in August found.

China and Australia signed the FTA in June 2015, which removes duties from over 85 percent of goods and services traded and will cut almost all tariffs within nine years.

To lift trade, the chamber opened its first overseas office in Shanghai in 2015 and launched a program in August last year to help Australian firms tap the Chinese market.


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