Aussie businesses view FTA as ‘more impactful’
Print Edition
THE recent devaluation of the yuan won’t shake Australia’s confidence in expanding business with China and business executives and traders view the China-Australia Free Trade Agreement to be more impactful, the head of the Australian Business Chamber said yesterday in Shanghai.
“While the yuan weakened against the US dollar, the Australian dollar also depreciated and made the relative impact not that significant,” said Stephen Cartwright, CEO of the business chamber.
“Traders and businessmen are capable of handling risks from volatile currencies. For them, the FTA is more meaningful and more impactful,” Cartwright said on the sidelines of a ceremony to officially open the chamber’s China office located in Shanghai. It is also the chamber’s first overseas office and was set up under the FTA.
In June, China and Australia officially signed the FTA, which removed duties from over 85 percent of goods and services traded and will cut almost all tariffs within nine years.
The new office, located on the third floor of ShanghaiMart, is also a showroom of Australian products.
Cartwright said the showroom “will introduce more quality Australian products to foster a closer business link between China and Australia, especially for small and medium-sized enterprises.”
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