Source: Shanghai Commerce
On January 5, Ministry of Commerce spokesperson Sun Jiwen said at a regular press conference that the China-Australia Free Trade Agreement had entered its third round of tariff reductions from January 1, 2017. After the reductions, Chinese enterprises and consumers will enjoy more tax benefits. On the export side, after the third tariff reduction, the proportion of Australian zero-tariff items reached 98.5 percent, and China's competitive export products such as textiles and garments, auto parts, some steel and steel products, and home appliances will enjoy more favorable tariffs. On the import side, tariffs on some Australian products, including beef and mutton, seafood, dairy products, nuts, fruit and wine, will be further reduced, bringing additional benefits to consumers.