The Australian Parliament passed legislation last week (26 Nov) that brings Australian agricultural exporters one step closer to benefiting from the Peru-Australia Free Trade Agreement, the Indonesia-Australia Comprehensive Economic Partnership Agreement and the Free Trade Agreement between Australia and Hong Kong.
The export sector of Australian agriculture accounted for 80% of total farm production last financial year. This legislation opens opportunities for increased and more efficient trade of our horticultural, dairy, grain, meat, and agricultural fibre products.
The agreement with Indonesia – the Indonesia-Australia Comprehensive Economic Partnership, or IA-CEPA, will allow 99% of Australia’s goods exports to enter Indonesia duty-free or with significantly improved preferential arrangements. As one of the world’s fastest growing populations and economies, Indonesia offers significant opportunities for our farmers. Australian agricultural producers will enjoy better market access for live cattle, beef, grains, sheep meat, dairy, sugar, horticulture and a range of other commodities with new export opportunities.
Under the agreement with Peru, Australia has achieved significant new access to one of South America’s fastest-growing economies. This agreement secures new quotas for Australian dairy, rice and sorghum free from tariffs.
The agreement with Hong Kong provides increased certainty for Australian exporters and investors and locks in zero tariffs on all Australian goods exported to Hong Kong. This ensures Hong Kong cannot apply tariffs to Australian goods in the future, benefiting Australia for generations to come. We already have a trade agreement with mainland China, but we do not have a separate trade agreement in place with the Hong Kong Special Administrative Region. This legislation allows us to put in place a completely separate agreement, with different terms existing in our relations with Hong Kong at a trade level.
As your licensed Customs Brokers and International freight forwarders, Colless Young can advise you on all your international trade and shipping activities, handling imports and exports from all Australian ports and airports to worldwide destinations.
