China could walk away from FTA if deal blocked: Australian Treasurer

Australia's Treasurer Joe Hockey has warned colleagues that if the opposition blocks the China- Australia free trade agreement, China could walk away from the landmark deal.

Talking to the Australian Broadcasting Corporation on Monday, Hockey said he had discussed the terms of the free trade agreement with Chinese Finance Minister Lou Jiwei at a G20 meeting between the world's finance ministers in Turkey over the weekend.

Hockey said it could be up to a decade before China would renegotiate the deal if it was blocked by Labor in Parliament.

"It will be a very long time before the Chinese would ever approach Australia with a free trade agreement should the Labor Party undermine and ultimately destroyed the agreement we've negotiated," Hockey told the broadcaster.

Labor has had reservations about the landmark free trade agreement, but Prime Minister Tony Abbott guaranteed Australian jobs would not be affected, and the Australian economy would benefit greatly from the deal.

Last week, Abbott told opposition leader Bill Shorten to listen to "good Labor people" such as former Labor Prime Minister Bob Hawke and former party leader Simon Crean who both labeled the deal as mutually beneficial for both China and Australia.

Crean - who was on the negotiation team for the free trade agreement with China when Labor was in power - said last week it was "an agreement that should be supported."

At the time, Abbott said it was the "best deal that China has done with any developed economy" and one that was "absolutely vital" for Australia's future.

It is reported a parliamentary inquiry into the finer details of the agreement is set to finish in the coming days, with the results expected to be delivered this week. Endi