The Abbott Government this week concluded negotiations for an historic free trade agreement with China – our largest trading partner – which will deliver a raft of benefits for the local region.
The China-Australia Free Trade Agreement (ChAFTA) will give Australian exporters unprecedented levels of market access to the world's second largest economy, with a population of 1.36 billion and a rapidly growing middle class.
Federal Member for Wright, Scott Buchholz highlighted the significant impact ChAFTA will have on local agriculture and household budgets.
“Our local agricultural sector will benefit from the elimination of tariffs on exports of dairy, beef and vegetables. In addition to this there is rapidly increasing demand for Australia’s high-quality goods which is good news for local farmers who produce some of the highest quality goods in Australia”,
“Households and businesses will also reap the benefits of cheaper goods and components imported from China such as vehicles, household goods, electronics and clothing, decreasing cost of living and the cost of doing business” said Mr Buchholz.
Mr Buchholz points out the powerful trifecta of trade agreements with South Korea, Japan and China, economies now accounts for more than 61 per cent of Australian goods exports.
“I welcome these agreements as an opportunity for local farmers and businesses to sell into these international markets where prices are competitive and conditions are fair”,
“My hope is that this forces a change in the domestic market which is controlled by a duopoly at the moment who aren’t giving farmers or businesses a fair go” said Mr Buchholz.