The Business Council of Australia (BCA) welcomes the opportunity to input into the General Review of the China-Australia Free Trade Agreement (ChAFTA).
Trade between Australia and China remains vital for the economic prosperity of both nations and ChAFTA is a cornerstone of the bilateral economic relationship. ChAFTA has delivered immense benefits to both countries, enhancing our competitive positions in each other’s markets, boosting economic growth and creating jobs.
At a time of global economic uncertainty, the need to diversify and strengthen Australia’s trade and investment relationships and demonstrate tangible gains from rules-based trade has never been greater.
The BCA’s submission recommends the Government seek greater market access where possible and ensure the agreement is fit for purpose in capturing emerging opportunities for businesses in both countries. It makes six recommendations geared to cementing ChAFTA as a platform for long-term economic cooperation between Australia and China and ensuring the agreement remains commercially relevant into the future.