Free Trade Agreements have recently been signed with Japan, Korea and China, see http://www.dfat.gov.au/trade/agreements/pages/trade-agreements.aspx.

As usual, paperwork applies and thorough planning is needed.   Companies considering export are urged to contact Austrade in respect of country of origin and other documentation.

Free trade agreements are already in place with New Zealand, the USA, Malaysia, Singapore and Thailand.  FTAs are being negotiated with India, Indonesia and other nations.

Assistance through Austrade can apply and Export Finance Insurance Corporation and Export Market Development Grants assistance may also apply.

Key elements of FTAs are that they:

• Reduce tariffs for trade in goods, in both directions. Some exemptions apply to the export of goods.   Food safety, phytosanitary and other similar regulations still apply.
• Remove barriers for the export of services, in both directions.
• Make it easier for businesses in each country to invest in the other country.

The FTA with Japan reduces or removes tariffs for Australian exports of:

• Beef
• Prawns and lobsters
• Fruit and vegetables, including asparagus, cherries, grapes, macadamia nuts and almonds, but not rice.
• Cheese
• Services to the Japanese market, including financial, legal, education and telecommunications services.

The Japan FTA also means cheaper import prices on a range of goods, including cars, trucks, white goods, electronics and industrial equipment.

The FTA with Korea reduces or removes tariffs for Australian exports of:

• Beef, dairy, sugar, cherries, oranges, wheat and wine.
• Services, with new access for legal, accounting, telecommunications tourism, hospitality and medical technology, and audio visual

The Korean FTA also means cheaper import prices on a range of goods, including cars, trucks, white goods, electronics and industrial equipment.

The FTA with China reduces or removes tariffs for Australian exports of:

• Dairy products beef, sheep meat, wine and all horticulture but not sugar.
• Seafood
• Manufactured goods, including processed food products.
• Services including legal services, financial services, education, telecommunications, tourism and travel, construction and engineering, health and aged care services, mining and extractive industries, manufacturing services, architecture and urban planning and transport services.

The China FTA also means cheaper import prices on a range of goods, including cars, trucks, white goods, electronics and industrial equipment.

Innovation Optimisers can assist with identifying new opportunities in these markets, call 0424 110 137.