Australia Prime Minister Tony Abbott and President Xi Jinping on Monday concluded negotiations for a free trade pact between both countries that will further broaden the avenues for economic cooperation.
The China-Australia Free Trade Agreement, or ChAFTA, will provide Australian businesses unprecedented access to the world’s second largest economy, Abbott said in a statement. The agreement was struck during Chinese President Xi’s visit to Australia to attend the G20 summit, held in Brisbane over the weekend.
“ChAFTA will add billions to the economy, create jobs and drive higher living standards for Australians,” Abbott said. “It greatly enhances our competitive position in key areas such as agriculture, resources and energy, manufacturing exports, services and investment.” Read more here.