The China–Australia Free Trade Agreement (ChAFTA) is a bilateralFree Trade Agreement (FTA) between the governments of Australia and China. Since then 21 negotiating rounds have been completed, the deal was completed and the details of the deal released on November 17, 2014., nearly 10 years after its first round of negotiations that began on May 23, 2005 after a joint feasibility study.
According Australia's department of Foreign Affairs and Trade, in 2014, China was Australia's largest export market for both goods and services, accounting for nearly a third of total exports, and a growing source of foreign investment.
Australia's Prime Minister Tony Abbott and Chinese President Xi Jinping announced the conclusion of negotiations for the China-Australia Free Trade Agreement (ChAFTA) on 17 November 2014. A Declaration of Intent to work towards signature of the Agreement was signed by Australia's Trade and Investment Minister Andrew Robb and China's Commerce Minister Gao Hucheng signed.
Upon full implementation of the agreement, 95 percent of Australian exports to China will be tariff free. These will include many agricultural products, including beef and dairy. In addition, there will be liberalization of market access for Australia's services sector, and investments by private companies from China under 1,078 million AUD will not be subject to FIRB approval. In addition there will be an Investor State Dispute Settlement mechanism under the treaty.
There will be a Work and Holiday Agreement in which Australia will grant up to 5,000 visas to Chinese nationals for work and holiday makers.