China and Australia signed a declaration of intent on practically concluding bilateral negotiations on a free trade agreement on Monday.

According to the results of the nine-year-long talks, Australia will eventually reduce tariffs to zero on all goods imported from China, and China will remove tariffs on a vast majority of Australian goods. China and Australia will grant the same advantage to each other under the most favored nation (MFN) status.

After the agreement comes into effect, dairy products from Australia will have tariff-free access to Chinese market. And China will reduce tariffs of horticultural products and seafood to zero in 2019.