Australia’s Dairy and Beef producers are likely to be big winners in the new Free Trade Agreement (FTA) reached with China.  And it turns out that Australia’s mining tycoons stand to make out quite well, as they just recently boosted their investments in the agricultural sector.

Gina Rinehart’s Hope Dairies is seeking to expand in Queensland and produce an estimated 30,000 tons of infant formula annually for China’s newly unlocked market of more than 16 million yearly births.  As those little darlings move on to solid food, perhaps they’ll enjoy some beef from Western Australia’s Harvey Beef, recently purchased by Andrew Forrest.  Both made their fortunes in mining, and China was a prime customer.  Vintners are also looking lustfully at a growing Chinese market.

The FTA took years to negotiate, and was foreshadowed by Chinese President Xi Jinping’s address before Parliament.

“During my visit, the two sides have decided to elevate our bilateral relations into a comprehensive strategic partnership and announced the substantial completion of FTA negotiations,” Xi said.

The FTA improves access to as many as 40 Australian service industries including health, law, and aged care.  Agricultural products such as dairy, rice, wheat, wool, and cotton will also face lower tariffs.

But Australian manufacturers are concerned that the FTA will flood Australia will cheaply-made Chinese goods, unfairly undercutting local businesses that do not get away with paying the crap wages they pay in China.