Ten years and four prime minister: Chinese-Australian free trade agreement a long time coming

It’s taken 10 years and four prime ministers – but finally, it’s sealed.

Australia and China have signed a landmark free trade deal, unlocking what they say will be substantial new benefits for years to come.

The agreement will ensure 85 percent of all Australian exports will enter China tariff-free, rising to 93 percent within four years and 95 percent when it is in full force, including beef, dairy, seafood and wine.

“This is a very good day for Australia,” Australian Prime Minister Tony Abbott said.

China is Australia's number one trading partner, with the two-way flow of goods and services exceeding $150 billion last year.

Trade between the countries was worth just a quarter of that amount a decade ago.

But farmers have warned of possible higher prices, with Australian rice, sugar, wheat and cotton missing out on the benefits.

Tourism and health providers will be able to build and operate hotels, hospitals and aged care facilities and there will be greater access for Australian educational institutions in China.

On a day the Government called historic, Chinese President Xi Jinpin became the second Chinese leader to address Australian parliament.

Mr Xi told parliament his country of 1.3 billion people was a "market of immense potential", importing more than $US10 trillion in goods over the next five years and investing $500 billion overseas, while its people make over 500 million overseas visits.

He also asked for closer ties between the two countries.