AMEC CEO Simon Bennison said eliminating the 3% tariff on coking coal from day one of the FTA and eliminating of the 6% tariff on non-coking coal within two years would be “highly beneficial” to Australia’s coal industry.

“Tariffs on other products will also be eliminated for copper and alloys, alumina, nickel, zinc, titanium and other metals when the agreement comes into force,” Bennison said.

“Strengthening Australia’s relationship with China will be beneficial for increased investment in the Australian resources sector. Chinese investment in Australia in 2013 totalled $32 billion which accounts for just 1.3% of total foreign investment in Australia.

“The agreement also provides opportunities for Australian suppliers to export their services to China. China has guaranteed access for Australian suppliers to provide a range of services related to utilising iron ore, copper and manganese resources in cooperation with Chinese partners.”

He said Australian Prime Minister Tony Abbott and Trade and Investment Minister Andrew Robb should be congratulated on finalising the China-Australia Free Trade Agreement and meeting their pre-election commitments to sign FTAs with China, Japan and South Korea.

“The China-Australia FTA is extremely positive for the Australian resources sector and the Australian economy as a whole," Bennison said.

“Zero tariffs will be locked-in for iron ore and gold. In the past three years, gold exports to China have increased 1173%, with China now accounting for 64% of Australia’s total gold exports, up from 5% in 2010-11.”

Last year China imported resources worth more than $A83 billion, including significant amounts of iron ore, coal and gas.