Australian farmers and businesses will continue to reap the benefits of the free trade agreements with new tariff cuts kicking-off in the new year in major export markets. Federal Trade Minister Simon Birmingham said the latest round of tariff cuts under the trade agreements with China and South Korea as well as the Trans-Pacific Partnership (TPP-11) would build on the huge benefits these major agreements have already delivered for the economy.
This is the sixth round of tariff cuts under the China-Australia Free Trade Agreement and seventh round under the Korea-Australia Free Trade Agreement. This is the third round of tariff cuts under the TPP-11 since it came into effect on 30 December 2018. China is the largest trading partner with goods exports for 2018-19 totaling $134.7 billion. South Korea is our fourth largest trading partner with goods exports worth 25.6 billion in 2018-19, an increase of 18.6 per cent on the previous year.