Tuesday marks the first anniversary of the free trade agreement between China and Australia. Officials say that over the past year, the agreement has been a success, giving Australian businesses a competitive advantage, driving the country's exports and creating new jobs in the health, elderly care, architecture, construction, telecommunications, financial, legal and mining sectors.

China's free trade agreement with South Korea also celebrates its first birthday although the immediate effects don't seem quite so impressive with South Korea's overall exports to China shrinking more than nine percent so far this year. However, the country remains the top exporter to China for the fourth consecutive year.

The scale of overall trade between the two countries is huge, and the long-term effects of the agreement for both countries are expected to be positive.