Post–implementation Review – Department of Foreign Affairs and Trade (DFaT)
In April 2020 DFaT announced a call for submissions to the Post-Implementation Review (PIR) of the China-Australia Free Trade Agreement (ChAFTA).
The Department was required to prepare a PIR under the Government’s Regulation Impact Statement requirements because the Office of Best Practice Regulation (OBPR) assessed that the agreement would have a substantial impact on the economy.
The proposal was implemented in June 2015. A PIR was completed by the Department in February 2021 and was assessed as compliant by the OBPR.
The PIR concluded that the agreement has delivered a net benefit since its entry into force. The report finds that the agreement has: liberalised economic flows between China and Australia through reductions in barriers to trade; increased Australian exports of travel and other services; and increased Australian goods exports for a majority of products receiving ChAFTA tariff preferences.
The PIR estimates that agreement has reduced regulatory burden by $10,000 annually.
OBPR ID number: 25996