Australian wool growers are waiting with baited breath as minister for trade Simon Crean attempts to kick-start stalled free-trade negotiations with China.
Following the last round of talks in November 2007, a Department of Foreign Affairs and Trade update said market access negotiations on goods, including agricultural products, remained on hold.
Ten previous rounds of talks have been undertaken since commencing in May 2005. China currently sources 75 per cent of its wool requirements from Australia, which equates to around $900 million dollars worth, or 50 per cent of Australia’s total annual wool exports.
Australian Wool Innovations has said an FTA with China could deliver export increases of up to 20 per cent, and allow improved access to a market which has been predicted to double in size by 2010.
The completion of a free-trade-agreement between China and New Zealand, and the possible advantages that the New Zealand wool industry could gain over the Australian wool industry, has been a key factor in renewed attempts to ramp up Sino-Australian negotiations.
Ten previous rounds of talks have been undertaken since commencing in May 2005. China currently sources 75 per cent of its wool requirements from Australia, which equates to around $900 million dollars worth, or 50 per cent of Australia’s total annual wool exports.
Australian Wool Innovations has said an FTA with China could deliver export increases of up to 20 per cent, and allow improved access to a market which has been predicted to double in size by 2010.
The completion of a free-trade-agreement between China and New Zealand, and the possible advantages that the New Zealand wool industry could gain over the Australian wool industry, has been a key factor in renewed attempts to ramp up Sino-Australian negotiations.
