China / Australia Free Trade Agreement (ChAFTA) Maximising Opportunities. December 2014
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1 China / Australia Free Trade Agreement (ChAFTA) Maximising Opportunities December 2014
2 FTAs UTILISED BY ONLY 19% OF AUSTRALIAN EXPORTERS 75% OF EXPORTERS THAT USE FTAs EXPERIENCE EXPORT GROWTH
3 Topics 1. About FTAs 2. ChAFTA Implementation timeline Key outcomes 3. Preparing for ChAFTA 4. Other FTAs/Tariff reductions 5. Other risks
4 About FTA s 1
5 The Customs Equation where do FTA s fit? which sale additions / deductions dumping Free trade agreements VALUE x RATE = DUTY Tradex Refund Valuation method related parties TCO/EPBS classification duty drawback
6 Free Trade Agreement s The Basics Aim to improve market access across all areas of trade goods, services and investment Can be bilateral or multilateral ChAFTA is bilateral Australia is a member of the WTO. Under WTO rules, FTAs must: eliminate tariffs and other restrictions on 'substantially all the trade' in goods between its member countries; and eliminate substantially all discrimination against service suppliers from member countries. Recently, we see an increased focus in trade negotiations on 'behind the border' issues. These are often more of a problem than border measures such as tariffs and quota restrictions.
7 Australia s import / export trade
8 FTAs - how do they work Free-er trade not free trade Does not cover all Chinese or Australian exports Rules of origin Product of the relevant country Minimum level of local content Change in tariff classification Product specific rule Origin certification Consignment rules
9 How business use FTA s DFAT has drawn together the top ten ways FTAs are generally used by business: 1. Increasing goods exports to a market 2. Commencing new goods exports to a market 3. Achieving efficiencies through cheaper imported inputs 4. Harnessing new or more secure access to service markets 5. Deepening engagement in global value chains 6. Investing with enhanced protections and certainty 7. Travelling for business more easily 8. Accessing government procurement markets 9. Addressing behind the border barriers to trade 10. Contributing to trade negotiation business consultations
10 FTAs - What they don t do Do not cover all exports Remove all barriers to trade Eliminate dumping duties Reduce risk
11 ChAFTA 2
12 ChAFTA - what do we have? Agreement to agree Declaration of Intent was signed by the Australian Trade and Investment Minister Andrew Robb and the Chinese Commerce Minister Gao Hucheng on 17 November 2014 No set date for commencement Australian Government sources indicating 5 6 months Malaysia FTA took 9 months, Korean FTA 12 months We anticipate between 6 12 months
13 Key Outcomes of ChAFTA tariff Chinese products: Most tariffs eliminated immediately Automotive, steel, aluminium, plastics, canned fruit, carpets, clothing and footwear 2 4 years Australian products: Winners most agriculture, processed food, resources, manufactured goods Losers sugar, wheat, cotton, maize, rice, vegetable oils, fertilisers, wood, paper.
14 Accessing opportunities Services ChAFTA delivers China s best ever services commitments, including the provision of new or significantly improved market access not included in any of China s previous FTAs (other than China s agreements with Hong Kong and Macau). Many opportunities in providing services to the Chinese market. Particular potential winners are: Australian banks, insurers, securities and futures companies, Professional services suppliers Education services exporters Health, aged care, construction, manufacturing and telecommunications services businesses in China.
15 Key outcomes non-tariff / behind the border E-commerce commitment to no duties Foreign investment Customs procedures Government procurement Intellectual Property
16 Preparing for ChAFTA 3
17 First step duty review What duty are you currently paying on Chinese imports? Look at the past discuss the future Good time now to review past duty and look for refund opportunities existing TCOs, DCS rates We can obtain reports from Customs with your import history for past 4 years to help with assessing where you are at currently
18 Supply chain review Review your supply chain goods suppliers shipment Financial modelling the duty cost of not qualifying against the cost of: Increasing local content Direct shipment Undertaking processing in either China or Australia Switching to a Chinese supplier
19 Caution about supply chain Be cautious about taking significant steps prior to release of official FTA text. We do not currently have rules of origin or duty rates Do not know whether Certificates of Origin will be required Will find out when the agreement is signed
20 Which concession? TCOs do not rely on supplier information Australian Customs are better placed to audit TCO compliance Australian Customs are currently very strict on TCO compliance TCOs generally have less ongoing administrative cost Obtain rulings
21 Non-tariff barriers Often the biggest barrier to trade Despite Australia s FTA with US, NZ exports to US cleared much faster Solution Trusted Trader Program Mutual recognition Pilot study with China Customs We don t have details of the TTP but high levels of compliance and security will be required Prepare now to be an early participant Be squeaky clean
22 Other FTAs/duty reductions 4
23 Other FTAs Japan Legislation has passed Australian Parliament Japanese elections Dec 2014 Still expected in force early next year Korea Will commence 12 December 2014 Negotiating TPP, RCEP, PACER, India, Indonesia, GCC.
24 Other developments Clothing Duty rates fall from 10% - 5% on 1 January 2015 US FTA Rates on clothing/textiles fall from 8% - 0% on 1 January 2015 ASEAN FTA Certain plastics fall from 5% - 0% 1 January 2015 Relaxation of COO requirements no need to include invoice price
25 Other risks 5
26 Free Trade Agreement doesn t mean risk free Despite the opportunities and advantages the FTA brings, there will continue to be a complex range of risks, borne out of the different cultural and political contexts and legal systems of the two countries. The FTA does not address the usual risks of doing business globally or indeed in China. Increase trade means increased consequences.
27 Six tips for doing business with China 1. Know who you are dealing with 2. Contractual terms 3. Chinese legal system 4. Anti-bribery and corruption risks 5. Managing IP risk 6. Made in China? You can be taking some of these steps now for current relationships in China. For new relationships, this checklist should be front of mind (with or without the FTA).
28 To sum up There are significant opportunities. You can now take steps to: 1. Assess the opportunity for your business 2. Assess your goods, suppliers and supply chain 3. Identify and put in place strategies to manage potential risk
29 Questions CONTACT Russell Wiese T: E: Lynne Grant T: E: 29
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