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Australia and China seal major free trade deal Australia and China seal major free trade deal
(35 minutes later)
China and Australia have sealed a major free trade agreement, as Chinese President Xi Jinping made a rare address to parliament in Canberra.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, which comes after a decade of negotiations, will open up markets worth billions of dollars, Canberra says. The deal, the result of a decade of talks, will open up markets worth billions of dollars, Canberra says.
In his speech, Mr Xi vowed China would pursue peaceful development with Australia and other nations. It will give Australian dairy farmers, winemakers and other sectors tariff-free access to the huge Chinese market within a few years.
Mr Xi is on a state visit to Australia following the G20 summit. Meanwhile, China is seeking greater access for its investment projects.
The trade deal is expected to give Australian dairy farmers, winemakers and other sectors tariff-free access to the huge Chinese market within a few years. 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.
Meanwhile, China is seeking greater access for its investment projects across Australia. 'Tariff-free'
Josh Frydenberg, parliamentary secretary to Australian Prime Minister Tony Abbott, said the agreement would be worth up to A$18bn (£10bn; S16bn) over the next few years. 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".
Mr Xi told parliament the deal would "create a high level platform and provide better institutional arrangements for our economic co-operation". It would be the third FTA signed by Canberra this year, following similar agreements with South Korea and Japan.
A Declaration of Intent was signed after Mr Xi's address. 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.
Mr Abbot, referring to a similar deal signed between China and New Zealand in 2008, said: "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". Parliamentary Secretary Josh Frydenberg said the agreement meant that "up to 95% of our exports over time will enter the Chinese market tariff-free".
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. China-Australia free trade deal: key points
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. But the deal is not without its critics. Last week, Senator Bill Heffernan, a senior member of Australia's Liberal Party, warned that China's refusal to float its currency could give it a big advantage over Australia.
In 2013, trade between the two countries was worth A$150bn. In his comments to parliament, Mr Xi said the agreement would "create a high level platform and provide better institutional arrangements for our economic co-operation".
Along with pledging deeper co-operation with Australia, Mr Xi also said China was willing to resolve territorial disputes with its neighbours in a peaceful manner.
"The Chinese government is ready to enhance dialogue and co-operation with relevant countries to jointly maintain freedom of navigation and safety of maritime rules," he said.
China is embroiled in territorial disputes in the South China Sea and East China Sea with several countries including Japan, Vietnam and the Philippines.
Mr Xi said China would never use force to achieve Beijing's goals.