On November 17. Australia and China announced a China-Australia Free Trade Agreement (ChAFTA). The Free Trade Agreement comes into effect only in 2015 however a Declaration of Intent has already been signed between the two countries. China is the biggest buyer of agricultural products from Australia. The ChAFTA will additionally increase the strong business growth in this sector.
Although Australian sourced Bovine Serum is still not allowed to enter the Chinese merket there is hope that the Free Trade Agreement will soon open the door to this product group as well.
China is currently drafting a new Regulation for the importation of Bovine Serum into the country. The new Regulation will lay down requirements regarding the sourcing country, approval and registration system for the manufacturing and exporting facilities and testing parameters and other specifications related to the product. The new regulation will be a huge step ahead towards streamlining the importation procedures for Bovine Serum into China.
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