Australia Reduces Import Tariffs On Textiles In Pakistan

The Australian government will begin to reduce imports of textiles from Pakistan in 2015. tariff Australia's Pakistan High Commissioner Peter Haywood said.

At the fourth Karachi Pakistan Business Forum (PABF) dinner, Mr. Haywood said the highest tariff imposed on Pakistan textiles will be reduced by five percent.

He said the move will help. Pakistan Maintaining a balance in its bilateral trade is now biased towards Australia.

He claimed PABF It is a key partner to strengthen bilateral relations between Australia and Pakistan. He said the forum promoted the growth of trade and investment between the two countries. He added that Australia will continue to encourage Pakistan entrepreneurs to focus on existing opportunities and use them to expand their businesses.

He said that next year the ICC International Chamber of Commerce World Cricket cup will be held in Australia, which is a considerable attraction for Pakistan.

Australian Trade Commissioner Patrick Kearins said Australian companies are willing to provide technical training for young people in Pakistan. This will also help reduce unemployment and help young people build their careers.

Referring to the popularity of Australian companies in the energy sector, Mr. Kearins said the bank is a specialized cooperative industry designated by the two countries.

PABF chairman Pervez H Madrazwala said that trade between Australia and Pakistan has a great potential for expansion, especially in the textile industry.

At present, Australia has imposed a 10% tariff on imported garments and textiles.

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Following the announcement of a substantive conclusion of the Sino Australian free trade negotiation agreement between China and Australia, the two sides signed yesterday's letter of intent for free trade agreement. According to BBC news, Canberra said that after several rounds of negotiations, the China Australia Free Trade Agreement will eventually become the fruit of Australia's total opening of about tens of billions of dollars in the Chinese market. In 2013, the total trade between China and Australia amounted to 150 billion Australian dollars (about 130 billion US dollars). The Australian government believes that the implementation of the FTA will add another 20 billion Australian dollars (about US $17 billion 500 million) to bilateral trade volume between the two countries.

Over the past twenty years, the trade between China and Australia has grown steadily. At present, China has become Australia's largest bilateral trading partner. According to the data released by the Ministry of Commerce, China has remained Australia's largest trading partner, the largest export destination and the largest source of imports as of September this year.

BBC report specifically mentioned that 85% of the export of Australian products to China will not be subject to tariffs, including raw leather and leather products. After the agreement is fully implemented, the duty free products will increase to more than 95%. Australia Broadcasting Corporation website reported that Australian farmers and leather industry exporters welcomed the signing of the Sino Australian FTA agreement, which meant that products such as Australian beef and raw skins could achieve tariff free entry to the huge Chinese market in the next few years.

According to China Leather net reporter, at present, the average annual export value of raw leather and finished leather exported from Australia's leather industry is about 896 million US dollars, and the tariff rate of raw and finished leather exported from Australia to China is between 4% and 15%. Australia Broadcasting Corporation reports that these tariff rates will be reduced to zero in the next 2 to 7 years. After the formal implementation of the Sino Australian free trade agreement, by 2030, the total benefits of free trade agreements or the leather industry in Australia could reach US $6 billion.

From the Sino Australian trade data recently released by the Ministry of Commerce, the reporters found that in the first 3 quarters of this year, the total export of raw skins (excluding fur) and leather in Australia amounted to US $832 million, of which the total volume of exports to China was about 597 million US dollars, accounting for more than 70%. FTA David Larkin, a member of the red meat trade negotiations, said that the gradual elimination of tariff costs would have a positive impact on the owners, processing plants and exporters of Australia's cattle and sheep farms, and that Chinese customers and consumers could no longer pay the premium due to customs duties.

Shoes, bags and other products are also the main trade products between China and Australia. According to the Ministry of commerce data, in the first 3 quarters of this year, the total number of footwear products imported from Australia totaled US $1 billion 217 million, and the total imports from China amounted to US $769 million, accounting for about 60%. In addition, the total imports of leather goods and bags from Australia were US $516 million, up 0.4% over the same period last year. According to BBC, another important point in the Sino Australian FTA is that Chinese exporters' clothing, shoes, automobiles and electronic products exported to Australia will be exempted from customs duties.