Several days ago, China's Ministry of Commerce and the Ministry of Trade and Investment in Australia signed the Free Trade Agreement between PRC and Australia. This means closer ties in trade between the two countries, thereby providing new opportunities for over 500 foreign trade enterprises in Cixi City as they seek to secure market share and rework their growth models. The agreement will make a difference for both parties.
Traditionally, Cixi and Australia has been close with each other. In 2014, we recorded 240 million US dollars in trade volume, of which 220 million US dollars went to export and the rest to import. This means Australia represents 13th largest export market for Cixi City. 513 foreign traders in the city have been engaged in trade with Australian counterparts with 19 importers and 510 exporters. Among the products these businesses sell, they focus on sockets and lamps, posting 78.75 million US dollars or 35.3% of the total export volume. Copper products and wool among others are purchased mainly by Wellcome and Hambo. Ningbo Kingsun Import and Export Company Ltd. seized business opportunities by building up the Exhibition Center for Chinese Products in Melbourne in 2012 and later setting on business track in 2014. Over time, the company is becoming a bridge and pioneer in trade and investment between Cixi and Australia. 2014 saw the enterprise awarded by Ningbo City Best Base for Going Global among other two businesses.
Statistics shows how Cixi City maintained a strong track record from January to May as it registered 90.67 million US dollars in total trade volume, a rise of 2.8% year on year. Goods worth of 86.15 million US dollars were sold, increasing by 4.8%. Exports in home appliances posted 37.93 US dollars or an annual increase of 4.8%, accounting for 44% of all exports to Australia. It is safe to say that the two parties are now in a honeymoon period .
According to the Agreement, 5 12 years after the signing, import of Australian beef, dairy products, wine and wool, among others will be blessed with zero tariffs while products such as electronics, mechanics, metal ware and so on will subject to no more tariffs for Australian importers. At this point, businesses no long pay tariffs for products worth 85.4% of export volume for both parties. And all products will be free from tariffs after 5 12 years. The result will be welcoming as foreign traders in Cixi City will embrace more exciting opportunities.
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Several days ago, China's Ministry of Commerce and the Ministry of Trade and Investment in Australia signed the Free Trade Agreement between PRC and Australia. This means closer ties in trade between the two countries, thereby providing new opportunities for over 500 foreign trade enterprises in Cixi City as they seek to secure market share and rework their growth models. The agreement will make a difference for both parties.
