The Australian and Chinese governments have officially completed talks for a Trade Agreement which will open markets, free trade and strengthen investment between both countries.
With total two-way trade exceeding $150bn in 2013 the new agreement should benefit Australian businesses when importing or exporting from China. Once implemented the deal will mean 85% of all Australian exports will enter China tariff-free.
The agricultural and food sector will see the most benefit, with all tariffs on dairy products to be phased out over 11 years. Tariffs on wines are to be removed over four years, while tariffs on beef are to be removed within nine years. Finally the agreement outlines the removal of tariffs across a range of processed foods, including fruit juice and honey.
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