(Yicai Global) June 29 -- Australia's and China’s free trade agreement is showing its advantages, said Steven Ciobo, Australia's minister for trade, tourism and investment.
Since the FTA was signed two and a half years ago, the two countries' trade has hit a new record of USD183 billion last year, China News Service reported, citing Ciobo. Australia’s goods sent to China surged 22 percent, which made the Asian nation its largest food export market.
Ciobo delivered these points during his speech regarding China trade relations at the Parliament House in Canberra yesterday.
Australia does not only provide quality agricultural products and minerals but also highly competitive services such as healthcare and education, Ciobo noted. Specifically, exports of wine, milk powder, and skincare products at least doubled, nickel quadrupled, as well as lobster and grape 8-folded. Sales of services to China were much higher than those to the UK and the US, he added.
Ciobo also made remarks about taxes. Australia's trade with China is more open than ever, with 99 percent of goods from Australia being exported to the Asian country for tax exemption or at preferential tariffs, he said.
Editor: Emmi Laine