World Economy

Sino-Australia FTZ

Sino-Australia FTZSino-Australia FTZ

On June 17, 2015, China and Australia officially signed an agreement to create a bilateral free trade area. Negotiations on the creation of this area were initiated in April 2005, but they were halted in 2008 and 2009 due to barriers posed by sensitive topics including trade in agricultural products, investment admission, staple commodities trade and service sector access. After 22 rounds of negotiations over the past 10 years, an agreement has finally been reached, Xinhua reported. It is also China’s first bilateral FTA signed with an “advanced economic power,” and it is considered a breakthrough in China’s free trade strategy. China is now Australia’s biggest trade partner, its biggest source of imports and the biggest target country for Australian exports.