China and Australia have concluded talks on a landmark bilateral deal that will remove tariffs on goods imports and create stimulus for increased mutual investment, a statement on the Australian prime minister's official website said on Monday.
"The landmark China-Australia Free Trade Agreement (ChAFTA) will unlock substantial new benefits for Australians for years to come," the statement announced.
The parties signed a declaration of intent on Monday ending nine years of free trade talks between Beijing and Canberra. Australia agreed to reduce import tariffs on all goods from China to zero, while China pledged to make up to 95 percent of Australian imports tariff-free over the course of several years.
"More than 85 per cent of Australian goods exports will be tariff free upon entry into force, rising to 93 per cent in four years… On full implementation of ChAFTA, 95 per cent of Australian goods exports to China will be tariff-free," the announcement on Prime Minister Tony Abbott's page said.
This post was published at Sputnik News
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