In 17 June 2015, the Australian Prime Minister and the Chinese Commerce Minister signed the China-Australia Free Trade Agreement (ChAFTA) in Canberra.
The next steps are:
The Joint Standing Committee on Treaties (JSCOT) will conduct an inquiry into the Agreement and will report back to Parliament.
After the JSCOT report is tabled: Following signature, the Chinese Government will also undertake its own domestic treaty-making processes.
When Australia and China have completed their domestic processes, both countries will exchange diplomatic notes to certify that they are ready for the Agreement to enter into force
ChAFTA will enter into force 30 days after this exchange, or on a date otherwise agreed.
Below are some of the new duty rates, this has not been finalized as yet. Please feel free to pass this onto our clients.
The most surprising outcome is clothing and textiles where the general duty rate of 5% is less than the year one rate under the FTA. The duty reduction timetable seems based on 2014 general rates of 10% which were reduced for all countries to 5% on 1 January 2015. There is a large variety of other products that will still attract duty such as some paper, values, pumps, motors, generators, transformers and hot water systems. Importers should check with us the rate of the specific tariff classification of their goods.
Pls. visit www.fjt.com.au for more information
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