The governments of Australia and China have commenced the first round of negotiations that could eventually lead to an historic free trade agreement between the two nations.
The two governments agreed to begin the free trade talks during a meeting in Beijing last month which followed Australia's recognition of China as a market economy.
Addressing the China-Australia Economic and Trade Cooperation Forum in Sydney earlier this week, Wu Bangguo, chairman of the Standing Committee of China's National People's Congress and second only to President Hu Jintao in China's political hierarchy, noted that bilateral trade is growing apace, reaching more than US$20 billion last year - almost double the figure for 2002.
"The development of economic and trade cooperation between China and Australia had never been so fast as it is today," he observed.
"The negotiations will be comprehensive, covering goods, services and investment and be completed as a single undertaking. These negotiations are a significant development in our already strong and growing bilateral relationship," Wu stated.
According to Australian Trade Minister Mark Vaile a feasibility study has found that the FTA would bring an additional $24.4 billion into the Australian economy over a 10-year period.
Vaile stated that: "Today marks an historic period in our bilateral relationship. China is one of the fastest growing economies in the world and Australia is extremely well placed to take full advantage of this significant export opportunity,"
He went on to explain that: "As from today, senior trade officials will map the way forward for the negotiations operating on the principle that they will be comprehensive, covering goods, services and investment, and be completed as a single undertaking."
China has grown to become Australia's third largest trading partner, while Australian is China's ninth largest trading partner.
Canberra is also working on free trade agreements with Malaysia and the United Arab Emirates and is negotiating an FTA with the 10-member Association of Southeast Asian Nations (ASEAN) alongside the government of New Zealand.
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