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China Australia sign free trade agreement 2015-08-14
China and Australia signed a free trade agreement on Wednesday after a decade ofnegotiations, covering areas including a simplified review procedure for investments, most-favored-nation status and easier market access to service sector.
Under the agreement,85.4 percent of goods traded between both sides will cut tariffs to zeroimmediately. About 97 percent of Australian exports to China will be tariff free following thedesigned timeline step by step. There will include many agricultural products such as beef,dairy and wine. Australia will eventually reduce tariffs to zero on all goods imported fromChina.
China's major exports to Australia are machinery, telecommunication equipment, computer,furniture and garment product, and its main import from Australia are iron ore, coal, gold,copper, education-related travel services and agricultural products, according to the Customsdata.
China was Australia's largest export market for both goods and services in 2014, accountingfor nearly a third of total exports, and a growing source of foreign investment.
Eager to seek more new market growth points with close trade partners together, China alsosigned its largest bilateral free trade agreement in terms of volume with South Korea earlierthis month.
Under the deal, China will remove tariffs on 91 percent of all products from South Koreawithin the next 20 years, while Seoul will eliminate tariffs on 92 percent of all goods in theother direction.

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