China's free trade agreements with South Korea and Australia came into effect on Sunday, giving the countries an edge in their efforts to boost exports of goods and services.

Under the deal with Australia, tariffs on 95 percent of Australian exports have been lifted, while obstacles will be removed to allow more Chinese businesses to invest in the country. Visas will also be relaxed for Chinese visitors.

The deal with South Korea will see China remove tariffs on 91 percent of Korean products over the next 20 years, while Seoul will eliminate tariffs on 92 percent of Chinese goods.