Zero tariffs top Hong Kong trade talks
21 November 2018
- Australia and Hong Kong conclude negotiations on the Australia–Hong Kong Free Trade Agreement (FTA)
- Permanently locks in zero tariffs on agriculture exports to Hong Kong
- Important news for Australian meat, livestock, seafood and wine
The future is looking good for Aussie farmers with zero tariffs to be locked in for agriculture exports to Hong Kong.
Minister for Agriculture David Littleproud said the Australia–Hong Kong FTA would lock in those zero tariffs and support a $1.4 billion agricultural trade relationship.
“The Coalition Government is delivering new markets and better tariffs for our farmers,” Minister Littleproud said.
“Zero tariffs for our agriculture exports to Hong Kong means we can keep exporting the high-quality produce we are known for.
“Meat, livestock, seafood and wine are some of our most valuable exports and we can now provide certainty to these industries.
“This FTA recognises our reputation as a supplier of clean, green world-class produce.
“It is also proof of the strong agricultural relationship between Hong Kong and Australia.
“Hong Kong is also a major gateway to the rest of East Asia and gives our farmers a way to tap into other markets.”
Australian agriculture continues to benefit from FTAs signed with China (ChAFTA), Korea (KAFTA), Japan (JAEPA) and Peru (PAFTA) and will be a key beneficiary from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP-11).
- The Australia-Hong Kong agriculture, fisheries and forestry trade relationship was worth $1.4 billion to Australia in 2017–18
- Australia’s top agriculture exports to Hong Kong are meat and live animals ($167 million), seafood ($159 million) and wine ($131 million)
- According to ABARES, agriculture, fisheries and forestry contributed more than $53.8 billion in export earnings in FY2017–18, which is up by over $12 billion from $41.3 billion in FY2012–13.