Australia clears way for trade opportunities

The Australian Senate on Monday passed bills related to the China-Australia Free Trade Agreement, paving the way for the country to sign the agreement into law. The comprehensive, high-quality free trade arrangement will usher in a new era for reciprocal cooperation on trade and bring tangible benefits to the two economies.

The pact, signed between the two countries in June, has been the result of 10 years' negotiations that gave full play to the complementary nature of the two economies and sought to accommodate each country's interests and concerns to the greatest extent.

Upon full implementation, tariffs will be lifted on 95 percent of Australian exports, restrictions will be loosened for Chinese investments in Australia, and more visas granted for Chinese on working holidays. The full list of benefits is much longer.