China and Australian government signs landmark free trade agreement

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The governments of China and Australia signed a long-awaited ?monumental? free trade agreement in Canberra on Wednesday, lifting most of the import tariffs in both countries.
The landmark signing by Australia?s Trade Minister Andrew Robb and China?s Commerce Minister Gao Hucheng finalized negotiations that began ten years ago and followed the Declaration of Intent signed in November 2014 by the two countries? leaders, Tony Abbott and Xi Jinping.

After fully implementing the wide-ranging agreement, tariffs will be lifted on 95 percent of Australian exports, regulations that deterred Chinese business owners from investing in Australia will be loosened, and more visas for Chinese tourists will be granted.

Zhang Yansheng, Secretary-general of the Academic Committee of China?s National Development and Reform Commission (NDRC), said the free trade agreement is a win-win decision for both sides.

Australia excited about agreement benefits with China
Australian Prime Minister Tony Abbott has described a Free Trade Agreement between Australia and China as a historic moment for both countries.