Australian Prime Minister Tony Abbott said he is intent on finalising a free trade agreement with China within the next 12 months, and is prepared to accept a watered-down deal in order to quickly cement an arrangement that has been negotiated since 2005.
Bilateral annual trade between Australia and China is worth around A$125bn ($117.8bn), and China’s thirst for minerals has fuelled 20 years of unbroken economic growth in Australia. After a meeting with President Xi Jinping on Sunday, Abbott accepted an invitation to visit China and announced his intent to bring along numerous business leaders and premiers to further bilateral ties.
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