China has been Australia’s largest trading partner since 2007, with two-way trade valued at almost $160 billion in 2013-14. This accounts for almost 24 per cent of Australia’s total trade. China is Australia’s number one export market, number one import supplier, and largest market for exports of the agriculture, resources and services sectors. Chinese investment in Australia has been growing strongly in recent years, reaching almost $65 billion in 2014.
The effective implementation of the China-Australia Free Trade Agreement (ChAFTA) will be transformative for the Australian economy – it ensures a competitive edge for Australia’ most important sectors for trade with the world’s second largest economy.
There is significantly improved access for dairy and beef products, tariffs on Australia’s resources exports have been wound back, and new opportunities have been opened up for Australia’s high-tech manufacturing and services. The business community of Australia is already making preparations to take advantage of the agreement, as outline in the case studies below.
Business case studies: