Free trade agreement will see tariffs fall for industry

THE Federal Government will sign a free trade agreement (FTA) with China today that will see tariff reductions for health, education and financial services, as well as dairy, beef, wine and horticultural producers.

Prime Minister Tony Abbott announced negotiations for the FTA were complete and that Trade Minister Andrew Robb and Chinese commerce minister Gao Hucheng would sign a Declaration of Intent this afternoon, undertaking to prepare the legal texts in both languages for signature.

The Australian dairy sector is expected to get an equal, if not better, deal than New Zealand, and wine exports will also be among the first sectors to benefit.

"This is better for Australian agriculture," Mr Abbott said.

"It's at least as good for our agriculture as New Zealand got about six or seven years ago - and their dairy exports to China have gone up from under half a billion to over three billion."

Read more at ABC News Online