The long-awaited free trade agreement between China and Australia has just been signed. Chinese Commerce Minister Gao Hucheng and Australian Trade Minister Andrew Robb formalized the agreement in Canberra.
Bilateral FTA talks were launched in 2005, and the basic terms were finalized late last year. The pact will see 85 percent of Australian exports entering its top trading partner's market tariff-free, rising to 95 percent when the agreement is in full force.
The existing five-percent tariff on Chinese electronics and white goods, meanwhile, will also be removed.