Dairy, beef, lamb, wine, horticulture, grains and seafood are some of the sectors set to benefit, following the signing of the China-Australia Free-Trade Agreement yesterday.

NAB General Manager Agribusiness Khan Horne said the signing of the FTA is exciting for many farmers across the country.

“China is one of the largest markets in the world, and for NAB customers we want to see Chinese markets unlocked further for Australian agribusinesses,” Mr Horne said.

“More markets open for Australian agribusinesses means more jobs here in Australia.

“While the FTA is a great step forward, the hard work now begins for farmers. Patience and a disciplined long term strategy is needed to succeed in China.

“China is changing the way it is doing business, and Australian agribusinesses need to factor this into their strategies.

“As Australian farmers know only too well, agribusiness is capital intensive – and Australia has always relied on foreign capital. This FTA has the potential to unlock Chinese capital to help Australian farmers expand their businesses and create for jobs for Australians.

“This is an exciting time for Australia, it’s exciting for NAB customers, and it’s exciting for creating jobs and opportunities for Australians here at home.

“The FTA review process will also provide an opportunity to firmly advocate on behalf of some farmers that didn’t enjoy the same policy outcomes as other sectors of the economy.”

Alongside the FTA agreement, NAB and the Export-Import Bank of China signed a Memorandum of Understanding, supporting greater collaboration between the two parties.

The memorandum was signed yesterday by NAB Chairman Michael Chaney and Export-Import Bank of China Chairman and President Li Ruogu at a ceremony in Parliament House, Canberra attended by Chinese President Xi Jinping and Prime Minister Tony Abbott.

The memorandum will enhance coordination between the two banks in a number of areas, including syndication, project finance, daily FX trading, derivative trading and export/import credit.

NAB was the first Australian bank to establish a presence in China in 1982, and this memorandum is the fifth cross border financial services collaboration that NAB has undertaken in China. We have a specialist Agribusiness Asia Desk to help Australian farmers make the most of the rapid growth in demand for high quality produce in Asia.

NAB’s approach in Asia is relationship-driven, supporting Australian business in Asia and Asian business in Australia. Our 500 people in Asia focus on the banking activities arising from the business, trade, investment and people flows between Australia, New Zealand, and Asia.

Important Note:

Any advice in this editorial has been prepared without taking into account your objectives, financial situation and needs. Before acting on this advice, you should consider its appropriateness to you.