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China to Buy More Australian Wool

17 November 2014

AUSTRALIA – Australia’s wool industry is set to benefit from a new Free Trade Agreement which will reduce tariff burdens and increase product to China.

The new regime delivers a duty free country specific quota on 30 million kilos of clean wool, which will increase five per annually to 45 million kilos in eight years’ time.

Welcoming the announcement, Australian Wool Innovation said that wool is Australia’s largest rural export, of which 75 per cent goes to China.

Also in the agreement is a three year review process to ‘improve market access’ and opportunity to discuss non-tariff measures by the Joint Trade and Good Committee.

Last year, Australian wool exports to China were valued at A$1.94 billion.

 

TheSheepSite News Desk

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