At ChAFTA, China offered Australia its best service obligations to date in a free trade agreement (with agreements with Hong Kong and Macao with China). Information about ChAFTA can be found on the Australian government`s website at: dfat.gov.au/fta/chafta/ If the agreement is fully implemented, 95% of Australian exports to China will be duty-free. These include many agricultural products, including beef and dairy products. In addition, market access for the Australian services sector will be liberalised and investment by Chinese companies of less than AUD 1,078 million will not be subject to FIRB approval. In addition, an investor-state dispute settlement mechanism will be put in place as part of the contract.  As mentioned above, much remains to be done before the agreement is signed, but the indications on how ChAFTA could work for Australia are very positive. There will be a labour and leave agreement in which Australia will grant up to 5,000 visas to Chinese nationals for work and vacationers.  The free trade agreement between the two countries was signed on June 17, 2015 in Canberra, Australia.  The agreement will follow the usual contracting process, during which it will enter into force when China completes its domestic legal and legislative procedures and in Australia, the review by the Standing Committee on the Treaties of the Australian Parliament and the Committee on Foreign Affairs, Defence and Trade of the Senate.  So who are the potential winners? The agreement seems to be a good thing for many Australian sectors, but especially for agriculture, resources, energy and manufacturing.
Winners in the agricultural sector include dairy products, beef, sheep meat, wine, horticulture, barley, wool and seafood. For resources, energy and production, coal (coking coal and non-coke), copper, aluminum, iron ore, crude oil and liquefied natural gas (LNG) and a number of manufacturing industries. The benefits will come in the form of tariff reductions. The China-Australia Free Trade Agreement (ChAFTA) came into force on December 20, 2015. This first free trade agreement (FTA) gives Australia a considerable advantage in its trade relations with China, now the world`s largest economy. The potential benefits to Queensland will be significant in the key industries of agriculture, agriculture, mining, manufacturing and a wide range of services. The China-Australia Free Trade Agreement (ChAFTA) is a bilateral free trade agreement between the governments of Australia and China. Since the beginning of the negotiations, 21 rounds of negotiations have been concluded.  The agreement was reached on 17 November 2014 and the details were published two days later almost ten years after the first round of negotiations, which began on 23 May 2005, following a joint feasibility study.