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Australia entered into a free trade agreement with China

Australia and China have entered into a free trade agreement. The relevant document was signed by the heads of the trade ministries of the two countries in the presence of Australian Prime Minister Tony Abbott and Chinese President Xi Jinping, who arrived in Canberra on a state visit after the GXNUMX summit in Brisbane.

The agreement, in particular, envisages in the next four years the almost complete abolition of tariffs and duties for 93% of the total volume of Australian exports to China and opens wide access to the Chinese market for companies in the Australian financial sector, high-tech and healthcare providers. In a big gain from the implementation of the agreements reached will be Australian mineral exporters, as well as agricultural producers, whose products are currently being taxed in China by high tariffs. In turn, Chinese private companies are able to invest in projects in Australia without state control (on the part of the latter), if the volume of such investments does not exceed $ 1 billion.

Two countries started to prepare a free trade agreement nine years ago and have since held over 20 rounds of negotiations. China for the past five years is Australia's largest trading partner - the total volume of goods and services delivered by the parties to each other exceeded 2013 billion Australian dollars (about $ 150 billion) in 130.

Earlier this year, Australia entered into free trade agreements with the Republic of Korea (in April) and Japan (in July).

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