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27 November 2014
After almost 10 years of negotiations between the nations, on 17 November 2014, Prime Minister Abbott and President Xi announced the conclusion of negotiations on the China Australia Free Trade Agreement (ChAFTA).
According to a report by Allens in Australia, Australia and China signed a Declaration of Intent to enter the ChAFTA, marking the conclusion of negotiations on a landmark bilateral trade agreement. The announcement of the ChAFTA has been warmly received in China with commentators highlighting the domestic demand for Australian agricultural products and welcoming the improved opportunities for direct investment in both nations. Australian businesses also look set to benefit from the deal, which is particularly significant in light of the substantial market access issues that foreign companies face when selling to China or doing business in China.
According to the Department of Foreign Affairs and Trade (DFAT), official translations of the ChAFTA will now be prepared and the draft treaty will undergo final legal review before being executed. Formal treaty-adoption processes must then be followed in both Australia and China, and diplomatic notes exchanged, before the ChAFTA will become effective (we anticipate at some stage in 2015).
Source: Allens
