Australia-China Free Trade Agreement
Encyclopedia
The Australia–China Free Trade Agreement is a proposed bilateral
Free Trade Agreement (FTA) between the governments of Australia
and China
. The first round of negotiations began on May 26, 2005 after a joint feasibility study
. Since then 15 negotiating rounds have been completed. In contrast to other countries, Australia is seeking a full FTA including all sectors instead of a gaining a smaller FTA on some issues. Negotiations have dragged on as Australia has been unsatisfied with China's offer on market access for goods including agricultural goods.
Bilateral trade
Bilateral trade or clearing trade is trade exclusively between two states, particularly, barter trade based on bilateral deals between governments, and without using hard currency for payment...
Free Trade Agreement (FTA) between the governments of Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
. The first round of negotiations began on May 26, 2005 after a joint feasibility study
Feasibility study
Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of the existing business or proposed venture, opportunities and threats as presented by the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest...
. Since then 15 negotiating rounds have been completed. In contrast to other countries, Australia is seeking a full FTA including all sectors instead of a gaining a smaller FTA on some issues. Negotiations have dragged on as Australia has been unsatisfied with China's offer on market access for goods including agricultural goods.
Criticism
Although negotiations are ongoing and the agreement's details are yet to be completed, there have already been criticisms of the FTA from some in the Australian manufacturing industry. The concerns relate to the possibility that by eliminating tariffs there will be an influx of cheaper Chinese imports, putting Australian manufacturers out of business.External links
- China-Australia FTA on the China FTA network