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China and Australia complete negotiations on FTA

by ChemOrbis Editorial Team -
  • 18/11/2014 (14:23)
According to media reports, China and Australia completed talks on a bilateral free trade agreement (FTA) on Monday. Under the agreement, about 85% of Australian exports into China will be subject to zero tariffs while Chinese goods and investors will also have more access to Australian markets.

The agreement is expected to be officially signed in 2015. Once the agreement is signed, it will open Chinese markets to Australian farmers, manufacturers and services while the threshold for Chinese investments in Australia will be raised to a $1.078 billion from a $248 million. In addition, the service sectors of the two countries will enjoy free access to industries such as healthcare, tourism, construction and insurance.

China is now Australia’s largest trading partner. In 2013, the trading value between the two countries was reported at a $150 billion and the new agreement it is expected to add another $20 billion to this figure.
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