NEW TARIFF cuts came into effect on 1 January through Australia’s network of free-trade agreements.
The new trade minister, Dan Tehan, said the latest round of tariff cuts would provide opportunities for export expansion.
“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.”
Mr Tehan said Australian fresh or chilled beef exporters will see 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% to reach $33m in 2019-20,” he said.
“Tariff reductions on Australian sheep and goat meat exports under our bilateral free trade agreement with [South] Korea helped increase those exports by 8% to reach $169m in 2019-20. Starting today, tariffs on these products will be cut from 6.7 to 4.5 per cent.”
Mr Tehan went on to say Australian honey exporters would benefit from tariffs being cut from 3.25% to 3% under the bilateral free-trade agreement with Indonesia.
“Australian honey exports to Indonesia increased by 191 per cent to reach $808,000 in 2019-20,”he said. “International trade helps create jobs and drive economic growth … The proportion of Australian trade covered by free-trade agreements is around 70%, up from around 27% in 2013.”
