China free trade agreement set to boost Australian agribusiness in 2015

The much talked about Australia-China free trade agreement looks set to take effect over the course of the next 12 months, according to information from the Australian government.

Agribusiness is one of the sectors which looks set to profit most from this arrangement. There are also a number of other similar pacts which have recently come into effect and will only help strengthen trade links further.

Alongside the partnership with China, a similar deal has also commenced with Korea and one with Japan is set to take hold in January. Federal Trade Minister Andrew Robb helped better explain how the Japan-Australia Economic Partnership Agreement (JAEPA) will benefit both parties.

"JAEPA will deliver substantial benefits for the Australian economy, and the deal means that our exporters will benefit from an immediate round of tariff cuts by Japan on January 15, followed by a further round of cuts on the 1st of April 2015," Mr. Robb says.

Whilst that deal already has a confirmed start date, in a further statement to the Australian Broadcast Company, Mr. Robb explained when the FTA with China will likely start, "There's a lot of legal work to be done and translation into the other language, and then to check both agreements say the same things."

"Once all that work is done, which is usually four or five months, then it goes through our Parliament. So I think around August or September for the Chinese [FTA]," Mr Robb concluded.

These agreements could lead to increases in business and could prove to be crucial to the role the agribusiness sector plays within the wider economy.

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