Australia Announces a Free Trade Deal With China Following G-20

Nine years worth of negotiations has ended in a free trade deal between Australia and China. Australian Prime Minster Tony Abbott announced the successfully completed deal on Monday and said further details on the pact would soon be released. Australian newspaper News Corp has reported that 85 percent of all Australian exports will enter China tariff-free under the new agreement. A study carried out in 2006 showed that the deal could increase trade value by $18 billion over a decade. Last year the two-way flow of goods and services between Australia and China was valued at over $130 billion dollars. Chinese president Xi Jinping is set to sign the deal later on Monday.