Oz China

SEAFOODNEWS.COM [Shuichan News] Translated by Amy Zhong – April 20, 2016

China and Australia intend to further their cooperation in the trading of fast-moving consumer goods and seafood products are likely to become quite important in their bilateral trade.

China has become Australia’s largest trading and investment partners. The bilateral trading value between 2014 to 2015 has exceeded 138.6 billion Australian dollars while China’s direct investment in Australia has also reached as high as 30 billion Australian dollars. And the end of 2015 has witnessed the implementation of China-Australia Free Trade Agreement (ChAFTA), which is said to guarantee the highest level of freedom in China’s foreign trading and outbound investment. So what changes have the implementation of ChAFTA brought to the trading of fast-moving consumer goods between the two countries?

On April 11, Australia’s agricultural delegation has started its official visit to China and Guangzhou has been chosen as their first stop. The reporter from the Southern Metropolis Daily has interviewed Andrew Robb, the Australia’s Minister for Trade and Investment, as well as David Watson, the senior investment specialist for Austrade.

Apart from beef and dairy products, seafood products are the next hot commodities in the trading between China and Australia. The export value of Australia’s seafood to China is as high as 49 million Australian dollars from 2014 to 2015. And Australian abalones and lobsters are on top of the trading list between the two countries.

Their export values have reached 12 million Australian dollars and 1 million Australian dollars respectively. China’s tariff on seafood from Australia is going to decrease gradually from the January of 2019 on. The tariff cut includes abalone and lobster, which are 14% and 15% separately at present. According to Watson, aquaculture investment projects have become quite popular, although the agreement went into effect only a few months ago. Some Chinese investors have spent billions of Australian dollars on lobster projects in the north area of Australia, added Watson.