Australia and China sign free trade agreement

Published 17.06.2015 23:46

A free trade agreement between Australia and China was signed in Australia's capital Canberra Wednesday following a decade of negotiations. Australian Prime Minister Tony Abbott and Chinese Commerce Minister Gao Hucheng signed the agreement on behalf of their countries. Announcing the free trade agreement on his official Twitter account, Abbott praised it as "history making" for both countries. "What you have collectively done is history making for both our countries, it will change our countries for the better, it will change our region for the better ... change our world for the better," Abbott said. He also congratulated the respective negotiating teams during the signing ceremony of the agreement. China comes first among Australia's export partners at 29.5 percent. The products that Australia exports to China most include coal, iron, gold, meat, wool and cereals. China is also Australia's main import partner, capturing 18.2 percent of all exports. In terms of top export partners, China is followed by Japan with 19.3 percent of total exports and South Korea with 8 percent. The agreement will be implemented after it is signed by the Australian parliament. Australia has free trade agreements with India, Malaysia, Indonesia, Japan, South Korea among others.

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