SYDNEY, Aug 18: Australia and China will hold a second round of talks in Beijing next week on a “once in a lifetime opportunity” for a free trade agreement, Trade Minister Mark Vaile said on Thursday.

Australian negotiators will outline barriers faced by Australian industry in doing business with China, Mr Vaile said, as they seek a deal that could be worth more than $20 billion to the local economy.

The talks from Monday to Wednesday will follow an introductory meeting in Sydney in May and will be the first opportunity to start detailed discussions with the Chinese and the possible structure of a bilateral free trade agreement (FTA), he said.

The Australian negotiating team has consulted widely with business and other groups over the past four months and a range of interests and concerns had also been raised in more than 260 written public submissions.

Research had shown 60 per cent of Australians support an FTA with China and “the community strongly recognizes that this is a once-in-a-lifetime opportunity to set the terms for expanding our trade and investment links with an increasingly important trading partner,” Mr Vaile said.

“This meeting — and others over the next six months — will focus on gaining a detailed understanding of China’s complex regulatory system as it affects Australian trade and investment,” he said.

“The meeting will also begin to discuss the possible structure of an agreement, which we will want to ensure adequately covers Australian industry interests.”

The two governments agreed to begin the free trade talks during a meeting in Beijing in April between Chinese Premier Wen Jiabao and Australian Prime Minister John Howard.

Since then Australia and China have agreed to establish four working groups for the negotiations covering agriculture, trade in goods, trade in services, investment and other trade facilitation issues.

“As China negotiates preferential trade agreements with other countries where industries compete with ours, it is vital that we grasp this opportunity to stay ahead of the pack,” Mr Vaile said in a statement.

“However we won’t be rushed. We want to sign a high-quality liberalizing agreement with commercially meaningful outcomes for Australian business and industry across the board.”

“The negotiations will be hard but the government is prepared to negotiate for as long as it takes to achieve real benefits for Australian business.”

Howard’s conservative government has already reached bilateral free trade agreements with the United States, Thailand, Singapore and New Zealand.

It is working on similar agreements with Malaysia and the UAE and is negotiating alongside New Zealand on an FTA with the 10-member Association of Southeast Asian Nations.—AFP