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The AAP reports that the Australian Minister of Commerce, Dan Tehan, hailed the entry into force of a key regional partnership, saying it gives farmers and businesses access to the world’s largest free trade agreement.
The regional comprehensive economic partnership agreement (RCEP) comes into effect on Saturday for Australia, New Zealand, Brunei Darussalam, Cambodia, China, Japan, Laos, Singapore, Thailand and Vietnam.
the Republic of Korea will follow on February 1.
Tehan said in a statement:
With Australian-made products and services highly regarded in these markets, RCEP is a fantastic opportunity for Australian businesses.
By streamlining rules of origin requirements, RCEP will promote local sourcing of goods and foster collaboration across regional value chains, in which our companies are ready to participate.
Tehan said RCEP has improved existing trade agreements in areas with the greatest growth potential, such as services, digital commerce and two-way investments.
He said Saturday also marked the entry into force of another round of annual tariff cuts for Australia’s free trade agreements, including the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) and the Free Trade Agreement. Korea-Australia exchange (KAFTA).
Australian bluefin tuna and Atlantic salmon exporters benefit from Japanese tariffs falling to 1.9% under CPTPP on Saturday, while tariffs on mutton and goat meat exports halved to 2 , 25% within the framework of KAFTA.
International trade is an integral part of the recovery of businesses after Covid-19. The entry into force of RCEP and further tariff reductions as part of our other free trade agreements will help create jobs in Australia and support our country’s economic growth.