Positive News For China-Australia Trade Front: Ministers Agree to Move Forward in Bilateral Economic Relations

Must Read

Ministers from China and Australia are starting to make amends and improve the previously torn relationship during the recent pandemic.

China’s Minister of Commerce, Wang Wentao, is preparing to resume business and commercial ties with Australia. As a response, Australia’s Trade Minister, Don Farrell, welcomes high-quality Chinese investments with open arms.

“The development comes at a time when China has undertaken a post-pandemic policy adjustment to realign its trade and economic activities. Interpreting the updated priorities of the Chinese government and the resumption of consumption during the recent Spring Festival holidays, international markets are upbeat about the growth of the Chinese economy,” stated the Hellenic Shipping News Worldwide in their article.

Some organisations have increased their estimates for the Chinese economy in 2023 to around 6%. The institutions include the International Monetary Fund, Morgan Stanley, and Vanguard.

It is the right moment for Australia to take advantage of and leverage sound predictions regarding its international growth. 

China may do better than expected if structural reforms in domestic demand, supply, and infrastructure investments take shape.

“The two main areas Wang and Farrell found consensus for expanding cooperation are climate change and new energy. There’s no doubt that these emerging areas need a special focus as they provide an arena of shared benefits. Since the impact of climate change will be experienced by everyone, tackling it requires collective and multilateral action. It would be thus encouraging to see the resumption of full-scale sustainable commerce in these areas.”

Mutualism is the term used to describe the connection between the two nations in the supply chain. China receives its energy and resource needs from Australia, whereas Australia gets substantially finished goods from China.

During the meeting, Farrell correctly acknowledged that China is Australia’s top trading partner. The fact that Australia’s trade with China is higher than its following three major trading partners put together, as recently noted by Australian Prime Minister Anthony Albanese, indicates the size of this commerce.

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img