Medicines Australia welcomes new trade agreement with China
Australia yesterday signed the Free Trade Agreement with China, after nearly 10 years of negotiations, with Trade and Investment Minister Andrew Robb saying the deal was the most significant China had ever signed with a developed country.
Under the deal, Australia and China will cut tariffs and remove other impediments to exports, in return for which Australia will relax rules on inward investment from Chinese companies by increasing the threshold at which private investment attracts scrutiny from Australian authorities. The government said 14 commercial agreements were signed, covering projects potentially worth more than $20 billion.
Trade organization Medicines Australia chief executive Tim James today welcomed the new Free Trade Agreement with China and another open door to growth for Australia’s pharmaceutical industry.
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