Australia and China sign major free trade agreement

Australia and China struck a deal Monday establishing a substantial free trade agreement that opens Chinese markets to farm exporters in Australia and loosens restrictions on Chinese investment in Australia, Reuters reported. Australian Prime Minister Tony Abbott and Chinese President Xi Jinping signed a memorandum of understanding clinching the agreement worth potentially more than A$20 billion (US$17.56 billion) during a ceremony in parliament in Canberra. China is already Australia’s top trading partner, with two-way trade of around A$150 billion (US$ 130 billion) in 2013.