On November 17, Australia signed a letter of intent for the free trade agreement with China, the Australian side said that the free trade agreement means (for Australia), the best time to enter China's service market.
Under the agreement, 95 percent of products exported to China will eventually be tariff-free. All Chinese import tariffs on Australian beef will be canceled in nine years. The tariff on Australia's dairy industry will be canceled within four years.
In addition, energy and resource products Australia exports to China such as bauxite, coking coal, thermal coal and other energy and resource products’ tariff will be canceled within two years. The review threshold amount that Chinese enterprises invest in Australia will increase to UAD1.08 billion from UAD248 million.
According to the agreement, the RMB clearing bank will be established in Sydney.(www.chinainout.com)
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