MOU starts China-Australia FTA talks

State media reported that China and Australia have signed a Memorandum of Understanding (MOU) to formally start negotiation on a free trade area (FTA) following Australia's recognition of China's full market economy status (MES), making Australia the largest developed country to grant China full MES. The MOU is seen as an important step to help China win equal treatment in global export markets while increasing Australia's influence in Asia.