After 10 years of negotiations, and years of raised expectations about freer trade with China, some Australian industries are finally reaping the rewards.
CCTV’s Greg Navarro reports.
China-Australia free trade agreement impacting economic growthAfter 10 years of negotiations, and years of raised expectations about freer trade with China, some Australian industries are finally reaping the rewards. CCTV's Greg Navarro reports.
Agriculture is another winner of the initial tariff reductions, along with increased demand for things like dairy products and Aussie beef.
In 2014, that relationship was worth more than $80 billion, accounting for roughly one out of every three export dollars Australia earned.
Experts say one of the most immediate impacts from the free trade agreement has been the incentive it’s created for many Australia businesses, start-ups, and industries, to start thinking about how best to do business with China.
But businesses and companies are being urged to take a more active role now, especially considering the global competition for a piece China’s growing middle class demands.
Economics professor Sung Won Sohn on China-Australia economic relations
For more on China-Australia economic relations, CCTV America’s Michelle Makori interviewed Sung Won Sohn, economics professor at California State University.