Australian Beef Exports to China Exceed Yearly Quota Earlier Than Planned

CHINA - 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.
calendar icon 28 August 2019
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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 17 August 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 1 January 2019.

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Source: Global Times

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