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World|business|November 17, 2014 / 01:30 PM
Australia, China sign landmark free trade deal

AKIPRESS.COM - china aus China and Australia have sealed a major free trade agreement, as Chinese President Xi Jinping made a rare address to parliament in Canberra.

The deal, the result of a decade of talks, will open up markets worth billions of dollars, Canberra says, reports BBC.

It will give Australian dairy farmers, winemakers and other sectors tariff-free access to the huge Chinese market within a few years.

Meanwhile, China is seeking greater access for its investment projects. Mr Xi is on a state visit to Australia following the G20 summit. In his speech to parliament, he vowed China would pursue peaceful development with Australia and other nations.

Australian Prime Minister Tony Abbott described the deal as the first China had concluded "with a substantial economy, with a major economy; and it's the most comprehensive agreement that China has concluded with anyone".

It would be the third FTA signed by Canberra this year, following similar agreements with South Korea and Japan.

In the past two decades, trade between Australia and China has grown substantially, with China now Australia's largest two-way trading partner, according to the Australian Department of Foreign Affairs and Trade. In 2013, trade between the two countries was worth A$150bn.

Parliamentary Secretary Josh Frydenberg said the agreement meant that "up to 95% of our exports over time will enter the Chinese market tariff-free".

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