China is NSW's largest trading partner and it is exciting to see the signing of the China Australia Free Trade Agreement (ChAFTA). This win for our farmers is estimated to save up to $188 million in what is a $9 billion market for Australian exporters.
Tariffs on frozen prawns, barley, sorghum, oats and some animal feeds will be eliminated entirely when the agreement takes effect later this year. Over four years, tariffs will be taken off most seafood, vegetables, wine and processed foods including canned tomatoes, pasta, chocolate and biscuits.
For our farmers, tariffs ranging from 12 to 25 per cent will be gradually removed from beef (chilled or frozen) and sheep meat. There are also a number of tariff phase-outs for the dairy industry in the coming years.