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Australia and China to sign major free trade deal Australia and China to sign major free trade deal
(about 2 hours later)
Australia and China are to sign a free trade agreement that Canberra says will open up markets worth billions of dollars to Australian exporters.Australia and China are to sign a free trade agreement that Canberra says will open up markets worth billions of dollars to Australian exporters.
The deal is expected to give Australian dairy farmers, winemakers and other sectors tariff-free access to the huge Chinese market within a few years.The deal is expected to 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 across Australia.Meanwhile, China is seeking greater access for its investment projects across Australia.
However, some critics in Australia warn the deal could be a disaster.However, some critics in Australia warn the deal could be a disaster.
Senator Bill Heffernan, a senior member of Australia's Liberal Party, said last week that China's refusal to float its currency could give it a big advantage over Australia.Senator Bill Heffernan, a senior member of Australia's Liberal Party, said last week that China's refusal to float its currency could give it a big advantage over Australia.
The deal comes with the Chinese president in Australia. Xi Jinping attended this weekend's G20 summit in Brisbane and is due to address the Australian parliament later in the day.
'Great news''Great news'
The agreement (FTA) will be signed by Australian Prime Minister Tony Abbott and Chinese President Xi Jinping in Canberra. Prime Minister Tony Abbott announced on Monday that negotiations on the deal had been completed.
During his visit to the Australian capital, Mr Xi will also address parliament, after he attended the G20 summit in Brisbane at the weekend. A declaration of intent is to be signed by Trade Minister Andrew Robb and Chinese Commerce Minister Gao Hucheng later in the day undertaking to prepare the legal texts in both languages for signature, a statement said.
Josh Frydenberg, Parliamentary Secretary to Mr Abbot, said the FTA would be worth up to A$18bn (£10bn; S16bn) over the next few years, according to Australia's ABC broadcaster. "I look forward to making further announcements on this landmark agreement later today," Mr Abbott said.
He described the deal as "better for Australian agriculture".
And referring to a similar deal signed between China and New Zealand in 2008, he added: "It's at least as good for our agriculture as New Zealand got about six or seven years ago - and their dairy exports to China have gone up from under half-a-billion to over three billion."
Josh Frydenberg, parliamentary secretary to Mr Abbot, said the FTA would be worth up to A$18bn (£10bn; S16bn) over the next few years, according to Australia's ABC broadcaster.
"Up to 95% of our exports over time will enter the Chinese market tariff-free," Mr Frydenberg said."Up to 95% of our exports over time will enter the Chinese market tariff-free," Mr Frydenberg said.
He described the deal as "great news" for Australia.
It would be the third FTA signed by Canberra this year, following similar agreements with South Korea and Japan.It would be the third FTA signed by Canberra this year, following similar agreements with South Korea and Japan.
Meanwhile, Senator Heffernan warned that Australia should have learnt from its past experience that not all trade deals benefitted both signatories.Meanwhile, Senator Heffernan warned that Australia should have learnt from its past experience that not all trade deals benefitted both signatories.
"I think there are certain questions that have to be asked. How do you really have a trade agreement with a country that won't put their currency on the market?" he told ABC."I think there are certain questions that have to be asked. How do you really have a trade agreement with a country that won't put their currency on the market?" he told ABC.
"How do you manage good times, bad times, high interest rates, low interest rates?" he added."How do you manage good times, bad times, high interest rates, low interest rates?" he added.
He said Australia should learn from its trade agreement with the US, saying: "We did away with 5% and 15% tariffs and within a few years we found ourselves at a huge trade disadvantage because we had a 45% currency tariff against us because we went to parity with the US [dollar] and above parity at one stage."He said Australia should learn from its trade agreement with the US, saying: "We did away with 5% and 15% tariffs and within a few years we found ourselves at a huge trade disadvantage because we had a 45% currency tariff against us because we went to parity with the US [dollar] and above parity at one stage."
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 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.In 2013, trade between the two countries was worth A$150bn.