Australia and China are expected to sign an agreement allowing Australia to export one million live cattle to China every year to fill China's beef shortage.

In the past, China banned the import of Australian live cattle because some live cattle in northern Australia had bluetongue disease.

According to the agreement, live cattle from southern Australia will be exported to China throughout the year. However, live cattle in northern Australia will be restricted to a few months when the disease is low.

The value of this business is estimated to exceed A$10 billion per year. The number of live cattle that Australia exports overseas will also double.

According to reports, this agreement will greatly promote the breeding and export of live cattle in the Northern Territory and South Australia.

If Australia and China sign this agreement, then China will surpass Indonesia and become the largest importer of Australian live cattle.

Last night, Australian Minister of Agriculture Barnaby Joyce said that the agreement has not yet been officially signed, but the two sides are very close to reaching an agreement and handling export and import certification systems.

Agriculture Minister Barnaby Joyce said that China is a very important market for Australian agricultural exports.

It is expected that after the signing of this agreement, the first batch of 5 live cattle worth A$5,000 million will be shipped to China in a short time, and then slaughtered in China, divided into beef, and sold to Chinese residents for consumption.

This Australia-China agreement will also continue to push up the price of live cattle in Australia.

In Darwin last week, the price of live cattle reached a new record, reaching 2.50 Australian dollars per kilogram.

News link:http://www.skynews.com.au/news/top-stories/2014/11/07/australia-on-brink-of-landmark-cattle-deal.html