Health Minister Sussan Ley has lauded signing of the Australia-China Free Trade Agreement, highlighting the opportunities it creates for Australia's life sciences sector.
The agreement was signed in Canberra yesterday by Trade Minster Andrew Robb and Chinese Commerce Minister Gao Hucheng.
In parliament yesterday, Ms Ley said the agreement "will mean more jobs for Australians".
"It will mean better access to the world's second-largest economy, an improved competitive position for export markets, more prospects for increased two-way investment and reduced costs for imports—for Australian businesses and consumers alike."
In relation to biotechnology and pharmaceuticals, Ms Ley said the agreement included "major benefits" for the sector.
"...because tariffs on these products will be progressively phased out within four years. China already imports more than half a billion dollars worth of pharmaceuticals a year, and this is a terrific opportunity for us."
China is currently Australia's second largest export market for pharmaceuticals.
Under the Agreement, China will eliminate the 3 to 10 per cent tariffs on pharmaceutical products, including vitamins and health products, either on entry into force or phased out within 4 years.