I believe what you are referring to is a FTA (Free Trade Agreement), however don't let the word "free" mis-lead you.
To learn more, visit
http://www.daff.gov.au/market-access-trade/fta
After 10 rounds of negotiations, and the 11th to be held in Beijing sometime this year, the FTA is still a long way away and the prospect of us receiving goods from China cheaper than they already are doesn't rate a mention (as that is not the purpose of an FTA) !
http://www.dfat.gov.au/geo/china/fta...er_update.html
