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The Australia China Business Council (ACBC) has urged parliament to ratify the China-Australia Free Trade Agreement (ChAFTA) in a submission to the Joint Standing Committee on Treaties (JSCOT).
In the submission, ACBC President John Brumby highlighted that ratifying ChAFTA would be in the nation’s best interest and would bring innumerable benefits to Australian businesses and the Australian people.
As China’s economy shifts to consumption driven growth, driving demand for Australian premium products and services, the implementation of ChAFTA will help make Australian exports more competitive in China. Small to medium-sized enterprises (SMEs) and regional and rural Australia will stand to benefit enormously from the tariff reductions agreed upon in ChAFTA.
Mr Brumby described the agreement as ‘a carefully considered balance of interests between Australia and China’ and stated that ‘ChAFTA will help drive a new era in Australia’s relationship with China.’
As the premier business organisation in Australia promoting trade and investment between Australia and China, the ACBC has documented since 2009 the rising contribution to the average Australian household of trade and investment with China.
The ACBC’s 2014 Australia-China Trade Report highlighted that business eagerly anticipated the signing of ChAFTA, with more than two thirds of survey respondents expecting a direct benefit to their business. The report also showed that the benefit to Australian households of trade with China had increased five-fold from A$3,400 in 2009 to A$16,985 in 2013.
Read the full submission here.
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