Australian beef exports to China exceed yearly quota earlier than planned: ministry

Source:Global Times Published: 2019/8/28 20:08:40

The China-Australia Free Trade Agreement (ChAFTA), which took effect in 2015, has achieved positive outcomes in goods and services trading, and has driven the growth of bilateral economic and trade relations, China's Commerce Ministry (MOFCOM) said on Wednesday.  

Australian beef exports to the Chinese market reached 172,411 tons by August 15, MOFCOM data showed. The volume exceeded the yearly quota of 170,000 tons under a bilateral agreement four months earlier than expected, which triggered the bilateral safeguard provision under the ChAFTA.

The tariff on beef imported from Australia was prescribed at the most-favored-nation rate, which is higher than that under the ChAFTA, from August 17 to the end of 2019. 

Under the ChAFTA, rates on Australian beef imports were cut from 7-15 percent to 6-12 percent starting from January 1, 2019.

In 2018, the yearly quota was reached by the end of December. 

Beef imports from Australia accounted for about 17 percent of China's total beef imports, or nearly 1.04 million tons in 2018, according to customs data.

The safeguard provision, which was reached by China and Australia, aims to advance trade liberalization and differs from general trade remedy measures set out by the WTO, read a statement released by the ministry.

Posted in: ECONOMY

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