Agreement between China and Australia would tap potential of complementary economies and promote Asia-Pacific integration

Among the series of agreements China and Australia reached on Monday to deepen bilateral ties, the two sides' announcement that they have practically completed negotiations on a free trade agreement heralds a big boost to the two economies and the Asia-Pacific region at large.

There have been signs in the past months that the two countries have been quickening their FTA negotiations. Australian Prime Minister Tony Abbott has said on several occasions this year his country expects to sign an FTA with China by the end of the year and high-ranking Chinese officials have welcomed his remarks.

The much-expected announcement made during President Xi Jinping's ongoing visit to Australia shows the two countries' strong commitment to lifting their trade cooperation to an even higher level. It also shows nine years of marathon talks on a bilateral FTA, which have been full of twists and turns, are finally about to pay off.

Concluding their negotiations means the two sides can officially tie the knot; in all probability there will be an official inauguration before the end of the year.

And analysts in both countries are predicting their FTA will produce win-win outcomes. In fact, the media in both countries have been using words such as "milestone," "epoch-making", "landmark" and "historic" to greet the news.

For both countries, the FTA will be a game-changer. It will be the first free trade agreement China has signed with such a major developed country, and the Chinese economy is of unparalleled importance to Australia.

The FTA will cover more than 10 areas, including the trade in goods and services, investment and trade rules, as well as e-commerce and government procurement.