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The deal has been signed at a ceremony in Canberra, capping off a decade of negotiations1.
"The China-Australia FTA is or has attained3 its goal of being a comprehensive, high-quality and balanced agreement. It has the highest degree of liberalization amongst all the FTAs that China has so far signed with another economy. This signing is going to provide us with a more open, convenient and regulated institutional arrangement for our trade and investment exchanges going forward."
中澳签署自贸协定 自贸区建设提速
"What you have collectively done is history making for both our countries. It will change our countries for the better, it will change our region for the better, it will change our world for the better."
One of the highlights of the deal includes Australia opening up its services sector5 using a negative-list approach, which lists sectors6 that won't be open to investment, rather than areas that are open.
The Chinese side is also opening up its service sector as part of the new FTA, but will be using the positive-list approach.
Professor Tu Xinquan with the University of International Business and Economics in Beijing says the use of the traditional positive-list makes sense for China at this point.
"China is still a developing country. During the negotiations, we decided7 we only wanted to open our services sector in a positive-list approach, listing the sectors we intend to open up. This will better control the degree of opening up. It also makes it easier to regulate."
It will also make it easier for Chinese businesses to invest in Australia.
Mei Xinyu, a researcher with China's Ministry9 of Commerce, says a number of different Chinese sectors are going to benefit from this.
"I believe this will allow for good opportunities in the tourism industry in Australia. Last year, a privately-run company from the province of Shanxi purchased a local hotel in Australia, which makes good financial sense for both sides. On top of this, areas such as agricultural development, including farming, animal husbandry, forestry10 and aquaculture will also benefit. Chinese companies will even be allowed to invest in mineral resource development for primary products, provided they have enough capital."
The deal will also allow for more Chinese nationals to travel to Australia on working holidays.
It's expected the Australian side will benefit from cheaper electronics and home appliances.
China is Australia's largest trading partner, with the two-way trade between the two sides hitting 130-billion US dollars last year.
For CRI, I am Xie Cheng.
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1 negotiations | |
协商( negotiation的名词复数 ); 谈判; 完成(难事); 通过 | |
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2 landmark | |
n.陆标,划时代的事,地界标 | |
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3 attained | |
(通常经过努力)实现( attain的过去式和过去分词 ); 达到; 获得; 达到(某年龄、水平、状况) | |
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4 oversaw | |
v.监督,监视( oversee的过去式 ) | |
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5 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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6 sectors | |
n.部门( sector的名词复数 );领域;防御地区;扇形 | |
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7 decided | |
adj.决定了的,坚决的;明显的,明确的 | |
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8 tariffs | |
关税制度; 关税( tariff的名词复数 ); 关税表; (旅馆或饭店等的)收费表; 量刑标准 | |
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9 ministry | |
n.(政府的)部;牧师 | |
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10 forestry | |
n.森林学;林业 | |
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