Chinese President Xi Jinping and Australian Prime Minister Tony Abbott announced in Canberra Monday that their countries have practically completed negotiations on a free trade agreement (FTA).

The announcement capped nine years of bilateral FTA talks. China has now become Australia's largest trading partner, export market and source of imports.

Reaching a China-Australia FTA will be of great significance to the two countries' economic relations, Chinese Vice Finance Minister Zhu Guangyao said on the sidelines of the just-concluded Group of Twenty (G20) summit in Brisbane.

Xi is paying a state visit to Australia after attending the G20 summit.

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