Turnball highlights China-Australia FTA as a valuable asset

All these changes may not have a direct connection with the China-Australia FTA. But the influx of China's investors and the growing penchant of Chinese consumers for Australian goods and services are certainly good news for the Australian economy. Earlier this month, Australian Minister for Trade and Investment Steven Ciobo said the bilateral FTA agreement is "delivering" for Australian businesses, as the Chinese appetite for premium Australian products such as wine, beef, seafood and vegetables had contributed to a number of impressive gains in export levels.

He said the reduction and abolition of tariffs on agricultural products had led to a big increase in export requests from China, which he said was greatly benefiting Australian businesses and would continue to do so for "years to come".

But while the FTA has served as a stabilizer for bilateral interaction and is encouraging more and more Australia-bound Chinese investors and tourists, more still needs to be done.

Chinese investors need to know they will face a level playing field in Australia instead of differentiated treatment. So far, under Australia's foreign investment regime, China is the most closely scrutinized among Australia's foreign trade partners.

Some in Australia now seem to have a love hate dilemma about Chinese investors, especially those flocking to the country's property market.

These people should have confidence in their country's laws and regulations which encourage proper business behavior from foreign investors.

In a sense, the China-Australia FTA, a marriage between the world's second-largest economy and a major Western economy, is a test that both countries need to pass with high marks in return for the efforts that went into securing it and the aspirations both sides have for the future of their economic and trade relations.

The author is deputy editor-in-chief of China Daily Asia Pacific. jasmine@chinadailyhk.com