Further tariff cuts on more than 7000 Australian products have come into effect, creating more business opportunities for Australian exporters.These wide-ranging tariff cuts – agreed as part of Australia’s Free Trade Agreements with China and Korea – came into effect on 1 January and are continuing to deliver a competitive advantage for Australian business.The China-Australia Free Trade Agreement (ChAFTA) cuts tariffs again on more than 5500 Australian products. Premium Australian bottled wine, ice cream, seafood, some fruits and nuts are now more than halfway to full tariff elimination in January 2019.“These products now enter China with tariffs less than half that paid by our key competitors. The remaining two per cent tariff on steaming coal to China has also completely been eliminated – down from six per cent prior to ChAFTA,” said Steven Ciobo, Minister for Trade, Tourism and Investment.
Thanks to the Korea-Australia Free Trade Agreement (KAFTA), Australian products such as macadamia nuts, brussel sprouts and cane molasses all now attract Korean tariffs at least 50 per cent lower than when the agreement came into force just over two years ago. Many products such as bottled wine, fresh cherries, chipping potatoes and liquefied natural gas are already entering Korea tariff free,” said Ciobo.The FTAs delivered by the Coalition are giving Australian businesses a competitive advantage. This advantage is driving exports and creating Australian jobs, he added.“The Turnbull Government will continue to pursue an ambitious free trade agenda and agreements like ChAFTA and KAFTA to fuel our economy and create more jobs.” Source - Inside Small Business