CANBERRA, Nov. 17 -- China and Australia on Monday signed a declaration of intent on practically concluding bilateral negotiations on a free trade agreement (FTA).

According to the results of the nine-year-long talks, Australia will eventually reduce tariffs to zero on all goods imported from China, and China will remove tariffs on a vast majority of Australian goods.

As regards investment, the pair agreed to grant each other the most favored nation (MFN) status once the FTA takes effect.