On full implementation of the agreement, 99.9 per cent of Australia’s current resources, energy and manufacturing exports will enjoy duty-free entry into China – providing greater certainty for Australian exporters by locking-in zero tariffs on major exports such as LNG, iron ole, gold and crude petroleum oils.
China will also allow Australian service suppliers to provide technical consulting and field services in coal bed methane and shale gas extraction, while also guaranteeing access for consulting services related to exploiting oil and gas resources.
Federal Minister for Trade and Investment Andrew Robb said the landmark agreement will unlock substantial new benefits for Australians for years to come.
“Australian businesses will have unprecedented access to the world’s second largest economy,”? Mr Robb said.
“It greatly enhances our competitive position in key areas such as agriculture, resources and energy, manufacturing exports, services and investment.”
Meanwhile, Chinese companies will be able to bring skilled workers into Australia for large infrastructure projects as part of the agreement, though Mr Robb has stressed that projects would need to ensure that no local workers could do the job.
Both countries will now conduct respective legal reviews of the text, Chinese and English versions are planned to be finalised for signature in 2015.