18 NOVEMBER 2014au.news.yahoo.com
China deal to boost WA miners and farmers
Edited by : AL CIRCLE
1 min read
WA miners and farmers stand to be the biggest winners from the nation's biggest-ever trade deal that is set to be signed today between Australia and China.
Prime Minister Tony Abbott and Chinese President Xi Jinping will formally sign a free trade agreement that will slash almost every single tariff on Australian mineral, energy and manufacturing exports while delivering much improved access for the nation's farmers to the world's biggest consumer market.
Negotiations on the deal started almost a decade ago, with the final agreement expected to deliver a boost to the Australian economy of at least $18 billion within nine years.
The West Australian understands the 8 per cent tariff on alumina imports, the 3 per cent tariff on nickel, the 10 per cent tariff on titanium and the 3 per cent tariff on unwrought zinc will all be eliminated either immediately or within four years.
The introduction of tariffs on coal by China last month stunned the Australian mining industry which last year exported more than $9 billion of coking and non-coking coal to Chinese plants.
Under the FTA, the tariffs will be eliminated within two years with an agreement they will never be reintroduced.
Prime Minister Tony Abbott and Chinese President Xi Jinping will formally sign a free trade agreement that will slash almost every single tariff on Australian mineral, energy and manufacturing exports while delivering much improved access for the nation's farmers to the world's biggest consumer market.
Negotiations on the deal started almost a decade ago, with the final agreement expected to deliver a boost to the Australian economy of at least $18 billion within nine years.
The West Australian understands the 8 per cent tariff on alumina imports, the 3 per cent tariff on nickel, the 10 per cent tariff on titanium and the 3 per cent tariff on unwrought zinc will all be eliminated either immediately or within four years.
The introduction of tariffs on coal by China last month stunned the Australian mining industry which last year exported more than $9 billion of coking and non-coking coal to Chinese plants.
Under the FTA, the tariffs will be eliminated within two years with an agreement they will never be reintroduced.
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