The China-Australia Free Trade Agreement (ChAFTA), which came into force yesterday, is a landmark deal that unlocks new opportunities for Australian businesses.
Asialink Business CEO Mukund Narayanamurti says businesses of all sizes can now begin to tap into the benefits that the historic agreement delivers.
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,” Mr Narayanamurti said.
About 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, Mr Narayanamurti said.
Advantage over competitors
“While the ChAFTA gives us an advantage over our competitors, Australian businesses need to move quickly to ensure they secure the benefits.
“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.”
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 supports businesses in all sectors to develop the critical skills, knowledge and networks needed to better understand and engage with Asia.