China and Australia have sealed on Monday the Chinese-Australia Free Trade Agreement as Chinese President Xi Jinping made an admirable adress to parliament in Canberra.

After more than a decade of negotiations, President Xi Jinping and Prime Minster Tony Abbott finalised the free trade deal that would allow tariff-free exports for Australia and flexible investment projects for China. After legal review and translations, the agreement will be signed in 2015.

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Tariff means that tax needs to be paid in exporting products. But with the Free trade agreements between countries will eliminate tariffs and give way to borderless trade.

The official implementation would allow Australia's dairy, beef, wine and other industries duty free export to China. However, the deal does not cover sugar, wheat, cotton and rice exports.

The Free trade agreement will contribute to a country's Gross Domestic Product and build stronger relationship with its trading partners.

China is Australia's largest trade partner in goods and services, a two-way trade partnership worth more than $150 billion. Investors will enjoy more freedom as investments in Australia would no longer need government review, securing billions in the future.

Australia recently closed deals with South Korea and Japan. This deal completes the "powerful trifecta". It is described as one of the greatest agreements China has made. It would greatly benefit Australia's agricultural sector and China's foreign investment opportunities.

After a climate change pledge with the United States, the signed deal offers possibilities for nations to set aside divisions and seal agreements peacefully for great causes.

TagsAustralia, free trade agreement, tariff-free