Zhanjiang locals to enjoy boon from down under

Zhanjiang consumers and exporters will soon be able to enjoy the substantial benefits brought by China-Australia Free Trade Agreement's fourth round of tariff cuts which began this year.

On Jan 1, China cut tariffs for Australian frozen mutton, beef and wine by 1.3, 1.2 and 2.8 percent respectively. Zhanjiang consumers are likely to see cheaper prices for Australian products at the market.

The China-Australia Free Trade Agreement came into force in December 2015. It was the first free trade agreement that China struck with an advanced and developed economy.

Under the agreement, 96.8 percent of Australian exports to China will become progressively tariff free. Meanwhile, Australia will eventually eliminate tariffs on all imported Chinese goods by 2020.

Most of the goods Zhanjiang exported to Australia are rice cookers, aquatic products, printing paper, wooden furniture and polyvinyl chloride (PVC) sheets.

In 2017, the bureau issued local exporters 588 certificates of origin worth $41.87 million for goods destined to Australia, an increase of 26.7 and 120.1 percent respectively from the previous year. The number will continue to grow with the tariff cut this year.