Free Trade Agreement with China

November 17, 2014

The Free Trade Agreement with China is a welcome development for the NSW mining industry that will help secure jobs and underpin future investment across the state.  

Successive Australian Governments deserve appreciation for their efforts in pursuing and securing this valuable international agreement for the people of NSW.

The FTA will build upon the longstanding and important trade and investment relationship NSW mining currently enjoys with China.

China represents the second largest market for NSW coal behind Japan.  The Chinese demand for NSW coal has had significant growth over the last five years.  In 2007-08, only 1.1% of NSW coal exports were going to China.  China now accounts for over 22% of all NSW coal exports, with demand continuing to grow due to the quality of our coal compared to our competitors, and ongoing growing Chinese energy demand.

The International Energy Agency estimates that global electricity demand could double between 2009 and 2035 as more people get access to electricity and household energy consumption grows in the developing world. Coal is forecast to meet more of the increase in global primary energy than oil or gas over the next five years – continuing a trend that has been in place for more than a decade.

The expected announcement that coking coal tariffs will be lifted immediately and thermal coal tariffs within two years is also welcome news for mining in NSW, which has a tough two years.

China is an important source of job-generating investment in a range of NSW coal and minerals projects. The new FTA should help make NSW an attractive market for further Chinese investment, delivering jobs and growth over the long term.
 
Contact: Chris Rath | crath@nswmining.com.au | 0409 758 734 | 02 9274 1419 

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