Australia’s free trade agreements deliver more tariff cuts

Starting today, Australian farmers and businesses will benefit from more tariff cuts delivered by our network of free trade agreements.

Minister for Trade, Tourism and Investment Dan Tehan said the latest round of tariff cuts would provide greater opportunities for export expansion and job growth.

“Australia is a trading nation and the products we export are high quality and in demand globally,” Mr Tehan said. “Reducing trade barriers will boost export opportunities for Australian farmers and businesses in key export markets which translates to more jobs and economic growth in Australia.

“Australian fresh or chilled beef exporters will benefit from further cuts to Canadian tariffs in 2021 under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The value of fresh or chilled beef exports to Canada increased by 92 per cent to reach $33 million in 2019-20.

“Tariff reductions on Australian sheep and goat meat exports under our bilateral free trade agreement with Korea helped increase those exports by eight per cent, to reach $169 million in 2019-20. Starting today, tariffs on these products will be cut from 6.7 to 4.5 per cent.

“Under our bilateral free trade agreement with Indonesia, Australian honey exporters will benefit from tariffs being cut from 3.25 to 3 per cent in 2021. Australian honey exports to Indonesia increased by 191 per cent to reach $808,000 in 2019-20.

“International trade helps create jobs and drive economic growth and the Morrison Government has focused on negotiating free trade agreements in the national interest. The proportion of Australian trade covered by free trade agreements is around 70 per cent, up from around 27 per cent in 2013.”

More information on these tariff cuts can be found on the FTA Portal (ftaportal.dfat.gov.au).