It has been a relationship that has in the main been mutually beneficial and under the terms and conditions of the new free trade deal between our two countries has tremendous potential.

China has its problems: its human rights record continues to be atrocious, large numbers of people still live in poverty and Chinese leaders can’t resist sabre-rattling when it comes to Japan, Tibet or Taiwan. But we can’t ignore China as it continues on the inevitable pathway to a massive middle class in the world’s largest economy.

From Australia’s perspective it makes far more sense for us to be a friend to China than an enemy and the free trade agreement is an exciting step in the right direction. Some industries will reap the benefits of this deal more than others — agriculture, resources, trade in services, financial services and investment being the big winners.

South-west Victoria stands to gain with all tariffs on dairy products being phased out over four to 11 years. This will put it on an equal footing to New Zealand which has one of the strongest dairy industries in the world thanks to a trade agreement it signed with China many years ago.

Winegrowers will also be winners as well as beef farmers as tariffs disappear in coming years.

Tariffs on all resources such as coal and iron ore will be lifted along with those on pharmaceuticals.

Our law firms will be allowed to establish links with Chinese firms, service providers will be allowed to build, operate and renovate wholly-owned hotels and restaurants in China and, as demand grows, there will be massive opportunities for those in education, aged care and hospitals.

Access to China for financial services such as insurance, banks and brokerage houses will jump and investment by the Chinese here and by Australians in China will be given a freer rein.

China is open for business and Australia is now a partner.