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China, Australia sign MoU to implement, review bilateral FTA amid 10th anniversary

Global Times

By Global Times Published: Jul 16, 2025 09:07 AM

China's Ministry of Commerce and Australia's Department of Foreign Affairs and Trade has signed a memorandum of understanding (MoU) regarding the implementation and review of China-Australia free trade agreement (FTA), Chinese commerce ministry said on Wednesday.

Since the FTA took effect in 2015, it has significantly advanced the development of bilateral economic and trade relations, yielding fruitful outcomes, according to a statement on Chinese commerce ministry website on Wednesday.

As 2025 marks the 10th anniversary of the FTA's implementation, both sides will maintain close cooperation, continue high-quality implementation of the agreement, jointly conduct a review to identify areas for further improvement or expansion, enhance the liberalization and facilitation of trade and investment, and provide higher-level institutional guarantees for bilateral economic and trade cooperation, it said.

China has been Australia's largest trading partner, export destination and source of imports for 16 consecutive years. The China-Australia FTA has significantly boosted trade, with total trade surpassing $210 billion in 2024, official data showed.

Trade with China significantly benefited Australian households in the financial year 2022-23, boosting average disposable income by 2,600 Australian dollars (about US$1,709) and supporting 595,600 jobs, representing 4.2 percent of all employment in Australia, a report by the Australia China Business Council and the Bankwest Curtin Economics Center has shown.