China's President Xi Jinping (L) And Australia's Prime Minister Tony Abbott
China's President Xi Jinping (L) listens as Australia's Prime Minister Tony Abbott speaks after a signing ceremony for a free trade deal at Parliament House in Canberra November 17, 2014. China and Australia on Monday signed a declaration of intent on a landmark free trade deal more than a decade in the making, opening up markets worth billions to Australia and loosening restrictions on Chinese investment. Xi is on a three-day official visit to Australia following the G20 leaders summit which was held in Brisbane over the weekend. Reuters/Stringer

The China-Australia free trade agreement, or ChAFTA, is a major step taken towards strengthening the Australian economy. However, if it is blocked by the opposition, Australians will have regret the decision, Trade Minister Andrew Robb has warned.

On Wednesday, Robb introduced the legislation into parliament to legally allow the trade agreement between China and Australia to proceed. He advocated minimal changes to the country's customs act to allow goods from China to get preferred tariff entry into the nation. “People’s lives are at risk, jobs are at risk,” he told parliament. He also warned MPs that if ChAFTA lacks the required approvals, it would be disastrous for the Australian economy.

“We would rue the day if we throw up the opportunities sitting in front of us,” he added.

He specified to the House of Representatives that the modifications will only be made to the Customs Tariff Act, and that these changes will have no effect on migration or employment laws. “These quite modest Bills represent the only legislative amendments that the parliament will need to pass to allow the Government to bring ChAFTA into force,” he said.

Robb said that these specifications will clear all misunderstandings among opposition members and will provide a clearer picture to avoid misinterpretations. The deal, according to Robb, will not only ensure the enhancement of the country’s economy, but also aims at maintaining peace across the nation.

After the mining sector slowdown, only ChAFTA can be trusted to deliver prosperity in Australia, Rob said.

An investigation on ChAFTA is currently underway, which is expected to provide a fair conclusion in October. The reports are expected to be delivered to parliament on Oct. 12. The coalition government led by former PM Tony Abbott had decided that the deal would be approved in parliament by the end of December 2015.

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