"For the Chinese people this deal means more beef and better wine," he said.

Mr Abbott said he had also received a letter of congratulations from President Xi and had sent one back to the Chinese leader in return.

Dr Hucheng paid tribute to Mr Abbott and President Xi Jinping for bringing the negotiations to a conclusion as well as all officials and those in both societies who supported the decade long negotiations.

"This agreement will provide us with a more open arrangement for trade and investment," Dr Hucheng said.

"It will provide a strong impetus for growth for both our countries," he added.

The text of the deal will now be tabled in parliament and is expected to come in to force by years' end.

The deal will ensure 85 per cent of all Australian exporters enter China tariff free initially rising to 95 per cent when it is in full force.

China is Australia's biggest trading partner with the two way trade valued at more than $160 billion in 2014.


A Centre for International Economics report released ahead of Wednesday's signing found Australia's three North Asian FTA's with China, Japan and Korea should see exports grow by 11.7 per cent or nearly $17 billion more by 2035.

The report says dairy exports will be 59 per cent higher, meat products including beef 42.9 per cent higher, wool 22 per cent higher and vegetables, fruits and nuts 34 per cent higher.

The report also found services exports would be up by 13.9 per cent or $2.2 billion larger by 2035 with the three FTA's expected to create 178,000 new jobs within Australia.

Under the deal Australia will remove the existing 5 per cent tariff on Chinese electronics and whitegoods, meaning cheaper goods for Australian consumers but some reduction in government revenue.

Decade long negotiations over the deal came to fruition when Prime Minister Tony Abbott and Chinese President Xi Jinping concluded talks at a meeting in November last year.

Mr Robb and Dr Hucheng later signed a formal declaration of intent.

On Wednesday ahead of the signing Mr Robb said the clinching of the three North Asian trade agreements were "hugely significant" because it involved half of Australia's export markets.

"Given what's going on with the region and the extraordinary explosion of people going into the middle class, this is I think a landmark set of agreements and it will see literally billions of dollars, thousands, many more hundreds of thousands of jobs and will underpin a lot our prosperity in the years ahead," Mr Robb told the ABC.


"This is a document which is just not what we sign today but a living document we will review progressively...that will reflect what's going on in the region and the growth and opportunities," Mr Robb added.

But Labor Trade spokeswoman Penny Wong said the Opposition wanted to scrutinise the detail of the deal.

Labor is concerned temporary work visas under the deal will allow companies to bypass local workers and clauses which would allow companies to sue the government over laws which hit their profits.

"We look forward to considering the text through the parliamentary processes now the government's finally seen fit to release it to the Australian people," Senator Wong said.

However the FTA signing comes at a time when there are senitivities in Australia about the Chinese acquistion of farmland and real estate.

A Lowy Institute of International Affairs poll released earlier this month showed 70 per cent of the 1200 people surveyed believed Australia allowed too much Chinese investment in residential real estate.

However fewer people in the 2015 poll found China a military threat despite rising tensions between the US and China over the North Asian maritime disputes.

Only 39 percent regarded China as a military threat to Australia in the next 20 years this year, down from 48 percent in the 2014 poll.