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Australia and China in trade deal

Australia successfully completed negotiations after nine years with its biggest trading partner China on a free-trade deal, the prime minister said.

Chinese President Xi Jinping will sign the deal later today after he addresses the Australian Parliament.

Prime Minister Tony Abbott said he would soon make further announcements on the pact.

Australian newspapers reported that under the deal 85% of all Australian exports will enter China tariff-free.

A feasibility study on such a pact carried out in 2006 - a year after negotiations began - found it could increase the value of trade by £11.5 billion over a decade.

Two-way flow of goods and services between the countries was valued at more than £83 billion last year. Trade was worth just a quarter of that value a decade ago.


From Belfast Telegraph