Australia and China yesterday signed a landmark free trade agreement which is anticipated to provide the 'catalyst for future growth' across a range of areas including goods, services and investment. 

Under the agreement called (ChAFTA), more than 85% of Australian goods exports will be tariff free, rising to 95% on full implementation.

China is Australia's largest trading partner, with total trade worth almost AUD$160 billion (US$124 million) in 2013-14.

"Australia’s agriculture sector will be able to capitalise on its well-deserved reputation as a clean, green producer of premium food and beverage products," said a joint statement from Prime Minister Tony Abbott and Minister for Trade and Investment Andrew Robb.

"Tariffs will be progressively abolished for Australia’s $13 billion dairy industry. Australia’s beef and sheep farmers will also gain from the phased abolition of tariffs ranging from 12-25 per cent and all tariffs on Australian horticulture will be eliminated."

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