Arthur Sinodinos (NSW, Liberal Party, Cabinet Secretary) Share this | Hansard source

We are very keen, on this side of the House, for the agreement to be ratified this year so we can experience the full benefits of the deal. As soon as the agreement has been ratified and the final exchange of letters has occurred between both countries' trade ministers, there is an immediate round of tariff cuts that will take effect and, after that, a second round of tariff cuts will automatically take effect from 1 January 2016. If the agreement is not ratified this year, the second round of tariff cuts will not take place. This will cost Australian exports and exporters hundreds of millions of dollars a year. The National Farmers' Federation has estimated that missing this round of tariff cuts will cost Australian farmers alone $300 million. The ChAFTA has taken more than 10 years to finalise. It is crucial for Australian industry we get the agreement finalised this year.