Australia, China set to open free trade
AAP
Australian exporters to China are set to reap the benefits of imminent tariff cuts after a free trade agreement with the world’s second largest economy got the tick of approval from parliament.
The Senate on Monday passed legislation to enact the agreement, after Labor and the government struck a deal to boost safeguards for Australian jobs last month.
• China FTA sails to Senate
• China FTA passed in parliament
• Bob Hawke warns Labor not to block China FTA
The government earlier this year finalised 10 years of negotiations on the deal, which it maintains will boost many Australian exports and kick off a new era of opportunity.
Labor agrees Australians should be capitalising on China’s economic growth.
In the opposition deal, the government agreed to labour market testing for jobs on major projects and the setting of the “market salary rate” for 457 visa workers at the applicable enterprise bargaining agreement rate.
The bill has been fast-tracked through parliament to avoid forfeiting tariff cuts that come into place by the end of the year.