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China, Australia sign pact after 10 years of talks
中国澳大利亚签署自由贸易协定
China and Australia have signed a Free Trade Agreement on Wednesday after a decade of talks. The new pact is expected to result in a more favourable investment environment in the markets of both countries, with businesses on both sides set to benefit from better access to goods with low or zero tariffs.
Kevin Zhang works for the Argyle Hotel group, an Australian company which entered the Chinese market in 2001, and started hotel management services in 2005. Kevin, who came to China in 2006, said the new Free Trade Agreement will mean more business opportunities for them in the Chinese market.
The Argyle Hotel group is now planning to invest in services for the elderly in southeast China's Jiangxi province, and Kevin says the FTA will make it easier for them to do so.
Kevin is not the only one who is looking forward to benefits brought about by the signing of the Free Trade Agreement. Consumers in China, for example, should get better access to Australian products.
Tariffs will be lifted on 95 percent of Australian exports, including dairy, meat, wine, and agricultural products. The reduced tariffs on these items will make them much more affordable.
"I often buy products from Australia, in particular meat, because of the good quality. But if the price is made lower, I will definitely buy things more frequently," said a consumer.
Experts say that the Free Trade Agreement will allow both countries to fully utilize their respective economic advantages, in order to boost win-win cooperation.
And in response to concerns from some that the new agreement may lead to difficulties in sectors like agriculture due to an influx of goods, experts say it will help drive industries to upgrade their offering, and ultimately benefit China's economy as a whole. This new pact will not just benefit individuals, but also promote the development of bilateral economic and trade ties.
