China to Cut Agriculture Tariffs in ‘Game Changer’ for Australia
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China will reduce import tariffs across a range of Australian agriculture products including beef and dairy as part of a free trade agreement that may boost shipments to the world’s second-largest economy.
All dairy tariffs, which can be as high as 20 percent, will be removed within four to 11 years, the Australian government said today. Duties of 12 percent to 25 percent on beef will be removed over nine years and tariffs of 10 percent on live animal exports will be eliminated within four years, it said. Beef is Australia’s most valuable agricultural export and the country is the world’s third-biggest shipper.