Asialink Business, Australia’s National Centre for Asia Capability, welcomed the anticipated entry into force today of the China-Australia Free Trade Agreement (ChAFTA), a landmark deal that unlocks new opportunities for Australian businesses.
“Businesses of all sizes can now begin to tap into the benefits that this historic agreement delivers,” Asialink Business CEO Mukund Narayanamurti said.
China is already Australia’s largest trading partner and the ChAFTA will play a crucial role in securing Australia’s long-term economic prosperity and jobs growth.
“From agricultural products like beef and dairy, to services such as education, tourism, healthcare and banking, China’s consumer classes increasingly want the quality products that Australia excels at,” Narayanamurti said.
“From today, around 85 percent of Australian goods will now enter China duty free (rising to 95 percent when the agreement is fully implemented). Many Australian services, such as legal, financial and professional services firms will also have unprecedented access to the world’s second largest economy.”
Building a ‘China capable’ Australian workforce will be central to the success of the trade agreement.
“While the ChAFTA gives us an advantage over our competitors, Australian businesses need to move quickly to ensure they secure the benefits,” Narayanamurti said.
“Many Australian organisations will need to develop a deeper understanding of China’s diverse markets and business culture, along with the skills and capabilities needed to develop effective partnerships,” he said.
Asialink Business has released a practical and comprehensive guide, the China Country Starter Pack, which provides an overview of the ChAFTA and other information to help businesses in all sectors enter and grow in the Chinese market. This complements a range of training opportunities, including programs on the essentials for doing business with China.
Asialink Business works to build an Asia capable Australian workforce. We support businesses in all sectors to develop the critical skills, knowledge and networks needed to better understand and engage with Asia.