The agreement will enter into force on 31st May 2023, with shipments arriving into Australia from that date eligible for preferential rates.
The agreement sees the immediate elimination of tariffs on goods such as wine, short and medium grain rice, honey, nuts, olive oil and food supplements.
For key agriculture products, including beef and sheep meat, sugar and dairy products, Australia will have duty free transitional quotas, with eventual elimination of all tariffs.
To claim the reduced tariffs the importer must hold a Declaration of Origin. There is no set documentary template for the declaration, but it must include, at a minimum, the following data elements:
A good shall be regarded as originating if it is:
(a) wholly obtained or produced in the territory of one or both of the Parties, as established in Article 4.3 (Wholly Obtained or Produced Goods);
(b) produced entirely in the territory of one or both of the Parties, exclusively from originating materials; or
(c) produced entirely in the territory of one or both of the Parties using non-originating materials, provided the good satisfies all applicable requirements of Annex 4B (Product-Specific Rules),
Product specific Rules
(a) “CC” means Change in Chapter (non-originating materials must be classified in a different chapter (2 digits) from the classification of the good.
(b) “CTH” means Change of Heading (non-originating materials must be classified in a heading (4 digits) different from the classification of the good.
(c) “CTSH” means Change of Subheading (non-originating materials must be classified in a different subheading (6 digits) from the classification of the good.
(d) “FF” means that the good must undergo a change from fabric that is constructed but not further prepared or finished provided that it is dyed or printed and undergoes at least one preparatory or finishing processes in the territory of one or both of the Parties to render it directly usable; and
(e) “RVC(X)” means that the good must have a regional value content as calculated under Article 4.4 (Regional Value Content) of Chapter 4 (Rules of Origin and Origin Procedures) of not less than (X) per cent whether using the build-up method or build-down method.
Further information regarding the data elements and required additional statements can be found here.
Should you have any further questions or require more information, please do not hesitate to contact a member of our brokerage team for guidance