Sino-Australian ties widen trade scope

As China-Australia relations achieve a turnaround, with the fresh momentum spurred by the visit of Australian Prime Minister Anthony Albanese, business leaders from both countries are upbeat about more opportunities for bilateral trade and investment cooperation.

When attending the 8th China-Australia CEO Roundtable Meeting on Tuesday in Beijing, Bran Black, chief executive of the Business Council of Australia, said that economic and business relations between Australia and China are strong and robust, and Australian businesses see much greater opportunities to further deepening economic ties with China.

"We must be bold in seizing the many opportunities in front of us. It goes without saying that constructive dialogue between our two nations gives people confidence," Black said.

This year marks the 10th anniversary of the implementation of the China-Australia Free Trade Agreement. At Tuesday's meeting, Premier Li Qiang and Albanese, who started a weeklong official visit to China on Saturday, encouraged business executives from both countries to use the anniversary as an opportunity to reflect on the progress in bilateral economic ties and seek closer cooperation.

Li said that over the past decade, economic and trade cooperation between China and Australia has shown considerable resilience and vitality. He highlighted the high economic complementarity between China and Australia and the solid foundation for their industrial and market integration, saying the two countries are natural partners.

"In recent years, economic globalization has encountered headwinds, with increasing trade frictions and serious disruptions to the international economic and trade order. In this context, strengthening cooperation between China and Australia holds even greater significance," he said.

In the past few years, annual bilateral trade was worth around $210 billion, Li noted, underlining that there is great potential for further expansion. China's vast market will continuously unleash immense consumption potential, creating more opportunities for enterprises from both countries, he added.

Albanese highlighted his government's commitment to stabilizing the relationship between Australia and China, saying that greater engagement and collaboration are in the interest of both nations, as well as in the interest of global economic activity in today's turbulent world.

While emphasizing the importance of the Chinese market for Australia, he said, "It is important that we learn from shared success and plan for common challenges."

China-Australia relations have been improving since Albanese took office in 2022 as Australia's 31st prime minister. In December last year, China lifted its import restrictions on Australian lobsters, marking a significant move to ease the tension in bilateral relations that have been strained since 2017.

Zhao Huan, chairman of China Development Bank, said the Chinese business community wants to collaborate with Australian companies to fully explore the potential of the China-Australia Free Trade Agreement, address mutual concerns regarding trade and investment, and enhance the level of trade and investment liberalization and facilitation.

It is hoped that the Australian side will improve government-to-government dialogue and policy coordination mechanisms, establish a platform for communication between the government and enterprises, and create a fair, just, transparent and nondiscriminatory business environment for Chinese enterprises, Zhao said.