Australia, China to start full talks on FTA, says Australian trade minister

Australian Deputy Prime Minister and Trade Minister Mark Vaile said on Tuesday in Canberra that Australia and China are ready to engage in full talks on a free trade agreement (FTA) after negotiators for both countries effectively working through preliminary issues.

Vaile made the statements when addressing the Australia-China Business Council in Perth, capital city of the state of Western Australia.

He said the two countries are moving closer to a free trade deal after working through several difficult areas.

Australian Associated Press quoted Vaile as saying that although negotiations, which started earlier this year, were at an early stage, they had progressed well.

"We have gained a better understanding of how each other's trade and investment regimes work," he said.

"For our part, it has taken us some time to understand fully how the Chinese system works in the areas that most interest us. The Chinese regulatory environment is complex and opaque," he said.

"We are now, however, in a position to talk in more detail about the shape of a possible final agreement," he said.

"We will then be able to move on to detailed market access negotiations," he said.

However, Vaile cautioned that a full deal could still be some time off.

He also mentioned that Australia is looking to get better tariff rate quotas on agriculture and lower tariffs, better customs procedures on manufactured goods.

Source: Xinhua