The China-Australia Free Trade Agreement was officially signed on the 17th. The agreement covers more than a dozen fields such as goods, services, and investment. It is expected that after the transition period of tax reduction, the proportion of tax items and trade volume that will eventually achieve zero tariffs will greatly exceed the 90% level in general free trade agreements.

After the China-Australia Free Trade Agreement takes effect, what impact will it have on the lives of Chinese people, business investment and exports?

Under the China-Australia Free Trade Agreement, the liberalization of agricultural and aquatic products such as beef, dairy products, wine, lobster and abalone will enrich the domestic market structure, allowing consumers to have more choices and enjoy preferential prices.

Beef: my country has set up a 10-year transition period. After complete liberalization, the average tax rate will be reduced to zero from the current 15.5%;

Dairy products: my country has set up transitional periods of 5, 10 and 12 years. After complete liberalization, the average tax rate will be reduced from the current 12.3% to zero. Among them, the current 10% tariff on milk powder will be reduced to zero 12 years after the agreement takes effect;

Wine: my country has set up a 5-year transition period. After complete liberalization, the average tax rate will be reduced from the current 34.7% to zero;

Shrimp and crab products: my country has set up a 5-year transition period. After complete liberalization, the tax rate will be reduced to zero.

In the field of services, Australia has promised to open the service sector to China in the form of a negative list when the agreement takes effect, becoming the first country in the world to make a commitment to trade in services to my country in the form of a negative list.

"In the past, Australia had a review on the investment of Chinese companies. After the agreement is signed, the open management of the negative list will make it more convenient and free for Chinese companies to invest in Australia. At the same time, more Chinese companies are willing to invest in Australia. investment in the South Pacific region," said Li Jian, a researcher at the Institute of Trade and Industry of the Ministry of Commerce.

In the field of investment, the two sides will give each other MFN treatment from the time the agreement comes into effect; Australia will also lower the review threshold for Chinese companies investing in Australia and make facilitation arrangements. In addition, after the agreement is signed, the Australian visa approval process will also become cheaper and simpler, which greatly facilitates the people of the two countries to travel, work and study in the other country.