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The China-Australia free trade agreement (FTA) will become a landmark test case for other industrialized nations, the Australia China Business Council (ACBC) said on Tuesday.
ACBC chief executive Martine Letts told Xinhua that the FTA was historical moment, saying the economic relationship with China was Australia's most important for the next 50 years.
"We are an important test case for China because we are in the next phase of countries with the FTA which will set the tone for future trade agreement that China may conclude with larger economies," Letts said.
"It is a very important and interesting timing because China is building its network of FTAs. It started with very small economies. The timing for Australia is important because we are middle-sized economy.
"So China is progressing through FTAs with small economies to the medium-sized economies, and one of these days with very large economies like the United States."
Letts said Australians had to appreciate how important this relationship is and to look for areas of growth and future opportunities because "China is the most important economic relationship with Australia for the next 50 years."
She said as Australia's minerals boom eases, now was time to look at other Australian trading sectors, such as agri-business and services, which can benefit China.
"We have wonderful products, clean food, which China wants and needs, and that is one of the sectors we hope will grow very quickly after the FTA has concluded," Letts said.
"And there are other sectors such as education, and tourism and more specific cooperation in transmitting to China some of the technological know-how in food and water security management.
"Also, as China's population becomes richer and aged, Australia has health services, and medical research and all the kinds of social services. We have developed a lot of experience here in Australia in these areas and can pass on to China.
"The FTA will also help make those kind of exchanges of services easier and to the benefit of both countries."
Founded in 1973, the ACBC promotes two-way trade and investment, and economic cooperation and understanding, between the business communities of Australia and China and highlights the benefits of this relationship to the Australian public.
The non-government organization has about 1,000 members around Australia and about 30 percent are Chinese members. It plays an influential role as an adviser to the Australian government on commercial relations with China and will be especially busy in the coming years following the signing of the FTA between the two countries.
"For Australia, of course, there are some very large opportunities that we want to make happen through this agreement especially in agri-business but also in the sorts of services and technology expertise we can offer certain subjects in China," Letts said.
Letts said the average Australian household gains more than 15, 000 Australian dollars (13,000 U.S. dollars) a year through trade and investment with China - a fivefold increase in the past five years and the FTA will add even more value to the households of both nations over the coming decades.
The Australian government has said the trade pact will boost the Australian economy by 18 billion Australian dollars (15.6 billion U.S. dollars) over 10 years in a win-win for both countries.
But there will be challenges for both sides, such as the registration of Australian companies in China and more Chinese investment in Australian natural resources, Letts said.
"We hope the FTA will develop a forum where we can consult frequently with greater regularity and how you deal with these challenges," Letts said.
"There needs to be strong commitment at the top level and this is where President Xi Jinping's visit is very important. We know that relationships are very important and it starts with the leadership."
After the G20 leaders' summit and the FTA signing, Letts said her organization plans to expand its membership to include more Chinese businesses.
"The ACBC is a forum for businesses and helps Australian businesses find their way into China and also Chinese businesses find their way into Australia," she said.
"The ACBC has provided a very useful gateway for Australian business, especially small and medium-sized enterprises to connect with their Chinese counterparts."
As Xi visits Australia, the ACBC is hosting a public economic and trade forum, which brings Australian businesses and Chinese businesses together to talk about the big issues related to trade and investment.
