UpdateChina, Australia sign free-trade pact
Agreement will lift tariffs on exports and lower barriers to Chinese investment in Australia
Australia and China signed a landmark trade deal on Wednesday after a decade of talks, providing a boon for growth and jobs by abolishing tariffs across a raft of sectors.
“This is a momentous and historic day for our two countries. It will change our countries for the better, it will change our region for the better, it will change our world for the better,” Prime Minister Tony Abbott after the deal was inked. “This agreement will give our nations unprecedented access to each other’s markets.”
Trade Minister Andrew Robb and visiting Chinese Commerce Minister Gao Hucheng formally signed the document in Canberra, ending years of often difficult and protracted negotiations.
“The leaders of our two countries have attached great importance to the signing of this document,” said Gao. “It is a milestone in bilateral relations.”
China is Australia’s biggest trading partner, with the two-way flow exceeding US$123 billion annually.
Under the deal more than 85 per cent of Australian goods entering the country will carry no penalty.
With Australia having already sealed similar pacts with Japan and South Korea, a large percentage of Australian exports will soon be tariff-free.