NSW welcomes free trade deal with China

Published 17th June, 2015

The signing of the China Australia Free Trade Agreement (ChAFTA) today has been welcomed by NSW Premier Mike Baird and Trade Minister Stuart Ayres.

Mr Baird said China was the state’s largest trading partner and the new deal would open up opportunities for NSW businesses.

“The relationship between the NSW Government and China has developed over the past 12 months and this agreement complements our efforts to date,” Mr Baird said.

“Annual trade between NSW and China is worth more than $30 billion and I anticipate further economic growth as a result of today’s agreement.

“I commend the Commonwealth Government for brokering this deal and look forward to assisting NSW businesses take full advantage of this great opportunity.”

Mr Ayres said four key areas had been identified that would benefit NSW businesses under the ChAFTA.

“Trade between NSW and China is growing and we anticipate growth in the areas of financial services, agribusiness, legal services and tourism,” Mr Ayres said.

“NSW beef exports increased 136 per cent during the 2013/14 financial year so our farmers are set to benefit from having greater access to the Chinese market.

“We’ll continue promoting our financial services, with the trade between Australia and China growing at almost 100 per cent each year for the past five years.”

The NSW Government successfully led the national push for Sydney to become an offshore trading hub for the Chinese currency last year, with 13 per cent of Australian companies now trading in RMB – the biggest market outside of Asia.

A recent report by KPMG showed 72 per cent of all Chinese investment in Australia flowed into NSW, with total investment growing from $1 to $7 billion over the past year.

The signing of the China Australia Free Trade Agreement (ChAFTA) today has been welcomed by NSW Premier Mike Baird and Trade Minister Stuart Ayres.

Mr Baird said China was the state’s largest trading partner and the new deal would open up opportunities for NSW businesses.

“The relationship between the NSW Government and China has developed over the past 12 months and this agreement complements our efforts to date,” Mr Baird said.

“Annual trade between NSW and China is worth more than $30 billion and I anticipate further economic growth as a result of today’s agreement.

“I commend the Commonwealth Government for brokering this deal and look forward to assisting NSW businesses take full advantage of this great opportunity.”

Mr Ayres said four key areas had been identified that would benefit NSW businesses under the ChAFTA.

“Trade between NSW and China is growing and we anticipate growth in the areas of financial services, agribusiness, legal services and tourism,” Mr Ayres said.

“NSW beef exports increased 136 per cent during the 2013/14 financial year so our farmers are set to benefit from having greater access to the Chinese market.

“We’ll continue promoting our financial services, with the trade between Australia and China growing at almost 100 per cent each year for the past five years.”

The NSW Government successfully led the national push for Sydney to become an offshore trading hub for the Chinese currency last year, with 13 per cent of Australian companies now trading in RMB – the biggest market outside of Asia.

A recent report by KPMG showed 72 per cent of all Chinese investment in Australia flowed into NSW, with total investment growing from $1 to $7 billion over the past year.

Published 17th June, 2015