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CANBERRA (Reuters) - Australia and the European Union on Tuesday agreed to link their carbon trade schemes by 2018, allowing Australian firms to immediately buy cheaper EU carbon credits in a move expected to boost demand for EU carbon allowances.

Australia will also scrap its planned A$15/ton ($15.58) carbon floor price when its emissions trading scheme starts in July 2015. Currently, Australia's carbon tax is fixed at A$23 a ton.

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