Australian container trade with China, Southeast Asia, Japan, and South Korea is expected to grow at rates well in excess of the world average, reflecting improved economic performance, a greater acceptance of containerization in these partner regions. China is the largest foreign buyer of Australian agriculture, forestry and fisheries products. Australia’s main imports from China are manufactured goods, led by telecommunication equipment, IT products, furniture and homewares. The entry into force in 2015 of the China-Australia Free Trade Agreement (ChAFTA), removed Chinese tariffs on a vast range of Australian products, such as beef, horticulture products and processed foods. These products are expected to become particularly important as China transitions to a more consumption-driven economy. Australia's agriculture sector is well-placed to take advantage of forecasts that China will account for a larger share of global growth in demand for agricultural products by 2050. Driven by changing consumer tastes and expanding distribution channels, export opportunities for Australian agrifood sector are also expanding in markets as diverse as Indonesia, Korea and Japan, given Australia’s reputation for producing high-quality food products. Cosco Shipping Lines provides scheduled services between such major Australian ports as Sydney, Melbourne and Brisbane, and such major Asian ports as Shanghai, Hong Kong, Xingdao, Singapore, Jakarta, and Port Kelang. Container volumes on the trade lanes that link Australia with 15 other countries from the Asia-Pacific region are also expected to grow significantly as a result of the conclusion of the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement between the ten member states of the Association of Southeast Asian Nations (ASEAN) -- namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam-- and five of ASEAN's FTA partners—Australia, China, Japan, New Zealand, and South Korea. India, which is also ASEAN's FTA partner, opted out of RCEP in November 2019.