Venue and dates
29 Apr 15 7:30 am - 9:30 am
Hunt&Hunt, Level 26, 385 Bourke St
Description of the training or event
In late 2014, the Australian Government concluded a free trade agreement with China. That agreement was the third in a trifecta of North Asian trade agreements – along with Japan and the Republic of Korea – that puts Australia in an ideal position to see unprecedented trade growth in the Region.
China, Japan and Korea bought more than half of Australia’s $320 billion of goods and services exports in 2013, an increase of 300% on a decade earlier. China is Australia's largest export destination, with $95 billion of goods and $7 billion in services provided to the Chinese market in 2013. Japan and the Republic of Korea are, respectively, Australia’s second and third largest export markets and sources of substantial foreign investment.
Entered into force on 12 December 2014, the second stage of the Korea/Australia Free Trade Agreement (KAFTA) commenced on 1 January 2015, advancing tariff reductions. In the first year of KAFTA alone, it is anticipated that trade liberalisation under the agreement will contribute $226 million to Australia's GDP. Under KAFTA, tariffs on 84 per cent of Australian exports to Korea upon entry into force and 99.8 of Australian exports will be duty free on full implementation. Services exporters are also expected to benefit from the agreement with the relaxation of restrictions relating to certain professional services offered by Australians in Korea.
The Japan-Australia Economic Partnership Agreement (JAEPA) was executed in July 2014 and entered into force in January 2015. Tariff cuts under the agreement are scheduled upon entry into force on 15 January 2015 and again on 1 April 2015, with continuing cuts over the following 18 years. The JAEPA also provides guaranteed access for financial, legal, education and telecommunication services.
While the text of the China/Australia Free Trade Agreement (ChAFTA) is yet to be finalised, it is expected to have significant benefits for Australian exporters. More than 85 per cent of goods exported to China will be duty free upon entry into force; this figure will reach 93 per cent in four years' time. At full implementation, 95 per cent of goods exported to China under ChAFTA will be tariff free. ChAFTA also achieves significant outcomes for Australia's services industry. Among the areas to received increase access are financial services, tourism, legal, health and education.
The Export Council of Australia, in association with Hunt & Hunt, is delighted to invite you to a briefing on the FTA trifecta.
Russell Wiese, Partner at Hunt & Hunt and trade specialist, will aim to demystify the North Asian FTAs, highlighting the benefits to Australian businesses, across a range of key sectors.
Jonathan Wang, Director Asia Pacific Desk at ANZ will discuss the key elements of banking in these important markets.
This event will also see the preview of a unique Australian FTA website. Developed by the ECA in partnership with ANZ, this site is a tool for exporters that will simplify the navigation of all Australia’s free trade agreements.
There will be ample opportunity to ask questions and to network over a light breakfast.
Event Provider Information
Booking Required: Yes
Cost: This event is free, but registration is required