Australian beef exporters have become the first big beneficiary of Chinese Premier Li Keqiang's ongoing trade visit to the trans-pacific country. The Chinese premier has signed an agreement with his counterpart Malcolm Turnbull that will allow more Australian beef manufacturers to exports their products to China.   

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"The finalised major agreement includes a meat export package which expands chilled meat access from 11 exporters to all eligible Australian exporters. Australia is the only country in the world with this market access," Turnbull said after signing the agreement.   

After signing this agreement, the number of chilled beef exporters will increase from the existing 11 to 36, with another 15 exporter's pending application expected to be fast-tracked soon.       

This agreement will come as a huge boost for Australia's chilled beef exporters as they have been facing problems despite the low tariffs granted on beef products due to the free trade agreement signed in 2015.   

China suspended the import of Australian chilled beef in 2012, citing the food safety reasons. But several reports suggest that differences over import protocol led to the curb on the import of chilled beef.  

In another important commercial agreement, Australia's BBI Group signed a multi-billion dollar deal to constructing various facilities, including a development of mine, 162 kilometre of railway, and an iron ore export facility.

Both countries are also expected to sign major agreements in energy and security, with Canberra likely to push for more market access for its companies.

Today, Australia's economic fortune is very closely linked to China, with the Asian giant being its largest trading partner and also one of its biggest foreign direct investor. However, this booming trade relation keeps facing hindrances due to political tensions over sensitive issues such as the South China Sea and human rights.  

TagsAustralia, Australia and China, Australian Beef Exporters