China deal good news for Clarence Valley
FEDERAL member for Page Kevin Hogan has welcomed the signing of the historic Free Trade Agreement with China - our largest trading partner - and says it will deliver significant benefits for the Clarence Valley.
"This is an outstanding agreement, which will translate into greater local economic growth, higher living standards and jobs, jobs, jobs for the Northern Rivers and Clarence Valley," he said. "Whether it's Norco exporting fresh milk, Kimberly Kampers or Macadamia farmers, this agreement will help to underpin our local businesses for years to come."
The China-Australia Free Trade Agreement (ChAFTA) will give local exporters unprecedented market access to the world's second largest economy, with a population of 1.36 billion and a rapidly growing middle class.
Mr Hogan said more than 85% of Australian goods exports (by value) will be tariff free from later this year rising to 93% within four years.
"Tariffs of 12-25% on some of Australia's biggest exports to China-chilled or frozen beef and sheep meat-will be eliminated in stages over eight to nine years. There are also a number of tariff phase-outs for key dairy exports over four to 11 years," he said.
"These cuts will directly benefit our producers, and underline the commitment of this government to boosting returns at the farm gate." Households and businesses will also reap the benefits of cheaper goods and components imported from China such as vehicles, household goods and electronics.