Wildlands Restoration Volunteers

China Australia Free Trade Agreement 2019

ChAFTA offers Australia significant preferential market access, with more than 85% of Australian exports to China (by value in 2013), which are now duty-free after entry into force and increase to 93% after four years and 95% after the full implementation of ChAFTA. The China-Australia Free Trade Agreement (ChAFTA) is a bilateral free trade agreement (FTA) between the Australian and Chinese governments. Since the beginning of the negotiations, 21 rounds of negotiations have been concluded. [1] The agreement was concluded on 17 November 2014 and published two days later[2] almost 10 years after the first round of negotiations, which began on 23 May 2005[3], following a joint feasibility study. The free trade agreement between the two countries was signed on June 17, 2015. [4] In accordance with the usual procedure for concluding the contract, the agreement entered into force on 20 December 20 The Australian Parliament`s Standing Joint Committee on Treaties and the Senate`s Committee on Foreign Affairs, Defence and Trade References carried out a review on 1 December 2015. [4] [5] In addition, FIRB continues to review all direct investments, new business proposals and the acquisition of shares in land (including agricultural land) by Chinese state-owned enterprises, regardless of the size of the transaction. ChAFTA does not modify these agreements in any way, which is consistent with government practice in other free trade agreements. These enormous opportunities for trade between China and Australia need to be developed collaboratively, given the uncertainties in the global business environment. The U.S.

offshoring of a largely collaborative approach with China since President Nixon opened relations with China in the 1970s, has recently and rapidly shifted to a more confrontational approach aimed at stemming China in one way or another. Moreover, the recent escalation of barriers to free trade is an undeniable attack on the traditional global supply chain, which will not be easy to repair. In the face of national and international challenges, the Chinese economy is undergoing rapid structural changes. This is reflected in exports as a percentage of China`s GDP, which have halved since 2007, from 36% to 18%. But despite the trade and technology war, we should all be extremely positive about demographic growth trends, especially among the Chinese-led Millennial generation in Asia. This category of millennial citizens, born between 1980 and 1994, is now between 24 and 38 years old and is now entering the middle income class, especially in China. There are 830 million Asian millennials, including 300 million Chinese millennials, compared to 66 million in the United States. Chinese millennial trends will accelerate today`s China towards a service-based economy within the country, with increasing technological advances. And one thing is obvious. These structural adaptations, due to the rise of nationalist agendas around the world, led by the United States, and the nascent rise of millennials, will likely offer some significant opportunities for foreign investors and traders in countries who opt for an open, innovative, and collaborative approach.