(BEO3378) International Economics and Finance 国际经济理论作(5)

Part 2: An overview of the key elements of ChAFTA

In the goods trade area, Australia promised that China's export of Australia of all goods

import tariffs will reduce to zero eventually, and 93% of export products of Australia will be

duty-free access to the Chinese. In the end, the proportion is as high as 95%, in specific industries,

like beef, mutton, dairy product, wool, liquor, leather, Garden forestry, corn, live cattle, pork, and processed food and so on. For example, in the nine years, the tariffs of import of beef from

Australia will reduce to zero. (Now, the tariff is 12% ~25%)

In the service trade field, many service industries are partly open to each other, such as

education service industry, financial services industry, tourism and related service industry,

telecommunication service industry, health and aged care services industry, legal services

industry, mining and extractive industry service industries, architecture and urban planning

services, transportation service industry and other service industries. Australia will add 77

education institutions which can accept Chinese overseas students, and the visa approval

process will become simple. Australia in the future can be directly in China to develop the

university students by Wu and Yan（2014).

In the investment field, each other gives most-favored-nation treatment, at the same time,

greatly reduces enterprise investment review threshold, increases the enterprise investment

market access opportunities predictability and through lightness. China-Australia Free Trade

Agreement will ease the limitation of Sino-Australian technical personnel, investors, and the

business travelers, strongly support the investment and trade.

In the undertake transfer of personnel field, China-Australia Free Trade Agreement will

improve the temporary immigration way by reducing the population flow barrier.

Others, both sides make sure of the existing international intellectual property rights and

further development and cooperation, to ensure that the relevant government agencies on

competition policy keep cooperation and communication, and promote the trade to simplify the

process of customs clearance. Building in electric business development framework for the

future Australia provides access to China's government procurement market space.

The reasons of certain industries continuously protected contained that (i) protecting

national industries and employments, (ii) the need for national security, (iii) preventing some

domestic production by foreign import substitution. Loss of high tariffs will have high impact on

agriculture and mining sector. Agriculture is the advantage industry of Australian, for example, its

dairy products have highly competitive. Although China is an agricultural country, agriculture

competitiveness is relatively weak. At the same time, Australia's mineral is wealth, especially

bauxite of energy and resources such as coal products (aluminum, zinc, nickel, copper and

uranium) by Hong and Zhu (2013).

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