Australia, China make steady progress on free trade talks

BEIJING - China and Australia may conclude a decade of negotiations on a free-trade agreement by the end of this year, Australian officials said after talks with Chinese officials. Australia’s Minister for Trade and Investment, Andrew Robb, said that both governments are determined to bring it to completion later this year.

The complex negotiations, which include agricultural tariffs and quotas, manufactured goods, and foreign investment and services, have been through more than 20 rounds of negotiations, with agriculture the sticking point. There is growing speculation a deal will be signed when Chinese President Xi Jinping visits Australia in November for the Brisbane G20 meeting.

Also discussed during the meeting were topics covering establishment of a clearing bank to enhance offshore market development of the yuan, expansion of bilateral trade, and creation of opportunities for investment. China and Australia agreed to establish a new framework to pave the way for new investments for both sides.

China is now Australia's largest two-way trading partner in goods and services, valued at more than US$150 billion in 2013.