— This is the script of CNBC's news report for China's CCTV on June 17, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Following a formal signing of the deal in Canberra today, the Prime Minister said the "momentous and historic" agreement affirmed China's place as Australia's largest trading partner.
Trade Minister Andrew Robb said the agreement between the two countries, which will deliver a $20 billion boost to trade by 2035, had required a "super effort" of goodwill and hard work.
In addition, he said history showed that when trade relations deepened, additional investment inevitably followed. For example, in 10 years since the conclusion of the Australia-US FTA, two-way investment had grown from $642 billion in 2004 to more than $1.3 trillion in 2014.
According to the Centre for International Economics(CIE), Australia's free trade agreements (FTAs) with Korea, Japan and China will make key agricultural export commodities big winners due to forecast tariff cuts in areas such as beef and dairy.
Mr Robb said the CIE's independent modelling confirmed the substantial economic gains that will flow to Australia in the years and decades ahead, as a result of this powerful trifecta of trade agreements.
CIE's report says dairy exports will be 59 pc higher, meat products like beef 42.9pc higher, vegetables, fruits and nuts 34pc higher, wool 22pc higher and sugar 24pc higher.
Promising "fine beef and good wine" for the growing Chinese middle class, Mr Abbott said the economic rise of China was "the greatest advance of prosperity ever seen in the history of mankind".
The latest weakness in commodities, like Iron ore prices, has made many concerned about Australia's future economic growth.
[Ivan Colhoun, Chief Economist, Markets, NAB] "Why our economy is weak? It's because mining is slowing down, because commodity price is falling, and cutting interest rates, does not push up iron ore prices. We've really relied on the PBOC to stimulus the Chinese economy more, that will help the commodity sector."
Australian jobs are expected to grow by 9000 per year to be 178,000 higher in 2035 and that the export of goods to the three North Asian economic giants will grow by 11.7 per cent to be nearly $17 billion larger in 20 years time than would otherwise be the case.
CNBC's Qian Chen, reporting from Singapore.