Who wins in Australia-China free trade agreement? The Economy Tony Abbott and Xi Jinping leave the House of Representatives on Monday. Agriculture All tariffs on dairy products will be phased out over four to 11 years Tariffs on wines will be removed over four years Tariffs on beef gone within nine years Australia's agricultural sector scored a lot of wins in the new agreement. Australia's dairy and meat industries will be put on equal footing with New Zealand with a number of tariffs to be eliminated over the coming years. In 2013, China bought $9 billion worth of Australian agricultural products. Other areas like wines, where tariffs will be phased out over four years, will be looking to capitalise on China's growing middle class. Resources Removal of tariffs on all resources and energy products, including iron ore, gold and coking coal Removal of tariffs on non-coking coal over two years Removal of tariffs on pharmaceuticals over four years China imported more than $85 billion worth of Australian resources, energy and manufactured goods in 2013. High-cost miners who are struggling with falling commodity prices will enjoy a slight cost reduction. China is the largest market for Australian pharmaceutical companies, importing $559 million last year, with China's ageing population offering a huge opportunity. Trade in services Australian law firms will be able to establish commercial associations with Chinese law firms in the Shanghai Free Trade Zone A further 77 institutions will be added to an existing 105 Australian education providers that can take overseas students Australian service providers can construct, renovate and operate whole Australian-owned hotels and restaurants in China China is shifting from an industrialisation nation to a consumption nation, meaning there will be greater demand for education, tourism, as well as hospitals and aged care - aq sector in which Australian providers can now establish wholly-Australia owned hospitals and profit-making aged-care institutions. Australia exported close to $7 billion worth of services products in 2013. Financial services Australian insurance companies will have access to China's third-party liability motor vehicle market. Waiting period for Australian banks to engage in local currency, Renminbi, cut from three years to one year Australian securities brokerage and advisory firms will be able to provide trading accounts, custody, advice and portfolio management to Chinese investors allowed to invest offshore China has granted Australia a Renminbi quota which will allow Australian financial institutions to invest offshore Chinese currency in Chinese financial products, including securities. Australia will have access to the financial markets of one of the world's most powerful economies as it finally begins to liberalise its economy. Investment Total Chinese investment in Australia jumped 41.2 per cent in 2013 to $31.9 billion, but China only accounts for 1.3 per cent of total foreign investment The threshold for private, non-state-owned, investment from China in non-sensitive sectors to go to the Foreign Investment Review Board will increase from $248 million to $1.08 billion. The Australian government will screen investments over $15 million in telecommunications, media and defence industries and in agricultural land, as well as investments in agribusiness over $53 million. The Australian government will continue to screen all Chinese state-owned enterprise investment in Australia. However, private companies will have greater access to the Australian market, which should be good for local employment and the broader economy. Interestingly, property, which has been the focus of speculation about foreign buyers forcing up the market, was not listed as a sensitive sector.