China-Australia Free Trade Agreement (ChAFTA) signed

Introduction

On 17 June 2015, Australia signed a Free Trade Agreement with the Peoples Republic of China (ChAFTA). China is Australia's largest trading partner with total two-way trade worth almost AUD 160 billion in 2013-14. The ChAFTA has been under negotiation since April 2005.

We set out in this update a brief summary of some of the key features of the ChAFTA.

Timing

Although the ChAFTA has now been signed by both countries, it will not take effect until both governments have completed their domestic processes and confirm that they are ready for the agreement to come into force. As part of this process, enabling legislation will need to be enacted by the Australian Parliament, as well as changes to various regulations.