It comes after the Labor Party pledged its support yesterday.

Association of Mining and Exploration Companies CEO Simon Bennison said common sense had prevailed.

“The agreement provides certainty for Australian exporters by locking in zero tariffs on iron ore and gold, and eliminating most remaining tariffs within four years,” he said.

“Elimination of the 3% tariff on coking coal from day one of the Agreement and elimination of the 6% tariff on non-coking coal within two years will be highly beneficial to the Australian coal industry.”

Minerals Council of Australia CEO Brendan Pearson described the deal as a watershed moment.

“Together with the trade agreements with Japan and Korea, ChAFTA will anchor the Australian economy in East Asia for many decades to come and will provide increased opportunity and prosperity for future generations of Australians,” he said.

“The ChAFTA will strengthen a minerals and energy trade that is already worth more than $A80 billion annually.

The agreement is likely to pass through the Senate next month.