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Australia : Ausi- Sino FTA deal prospects - local markets to be adversely affected |
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2004-8-6
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Free trade agreement has lot many people thinking about its pros and cons. However, a prominent Australian business group says only a small number of local manufacturers think they would benefit from a free trade deal with China.
This was revealed in a survey confirming increased competition from China cost manufacturers hundreds of millions of dollars.
The Australian Industry Group (AIG) survey shows competition from Chinese manufacturers into local markets - such as textiles, clothing and furniture - costs Australian manufacturers more than $900 million over the past year.
That compares with a net gain of just $300 million from exports to China.
The AIG''s chief executive, Heather Ridout, says only 13 per cent of those surveyed believe they would be better off from a free trade deal between the two countries.
"We believe a free trade agreement with China at the moment is at the lofty end of ambitions," she said.
Ms Ridout says the competition from Chinese manufacturers has forced almost 90 per cent of local companies to make changes, including greater efficiencies and adopting new technologies. |
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