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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

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China trade negotiations ‘pleased’ Australia trade minister.

Australian and Chinese flags are seen at the third China International Import Expo (CIIE) in Shangha... Australian and Chinese flags are seen at the third China International Import Expo (CIIE) in Shanghai, China November 6, 2020. REUTERS/Aly Song
Australian and Chinese flags are seen at the third China International Import Expo (CIIE) in Shangha... Australian and Chinese flags are seen at the third China International Import Expo (CIIE) in Shanghai, China November 6, 2020. REUTERS/Aly Song

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Australia’s Minister for Trade and Tourism, Don Farrell, said he was “pleased” with his talks with his Chinese counterpart in Beijing on trade obstacles but that his visit was “just another step” in stabilizing relations.

After Labor’s mid-2022 election, Farrell became the first Australian trade minister to visit Beijing since 2019.

Australian wine, cattle, barley, coal, shellfish, and lumber exports to China were impacted by trade limits in 2020. Australian journalist Cheng Lei was jailed in Beijing on national security charges after Australia called for an international review into COVID-19’s origins, which infuriated Beijing.

After the negotiations, Farrell told a press briefing that the visit was “just another step in stabilising the relationship.” I came here to normalize trade and economic relations with China.

On Saturday, China’s commerce ministry claimed Wang Wentao told Farrell that China and Australia’s economies were very complimentary and that the two nations should focus on long-term economic and trade partnerships.

The ministry said China wants to strengthen cooperation with Australia and expects Australia will treat Chinese enterprises and products fairly.

Beijing allowed four government-backed enterprises to ship Australian coal in January as tensions eased, and trading has resumed.

In April, China agreed to speed up an assessment of China’s barley anti-dumping charges, while Australia suspended a WTO case.

Canberra still wants trade restrictions lifted, and diplomatic relations stabilized.

Farrell said Wang in opening remarks at the 16th Joint Ministerial Economic Commission, “We can see the benefits for Australian and Chinese businesses and consumers that continue to flow from the China-Australia Free Trade Agreement” of 2015.
“I’m very pleased to confirm that we agreed to step up dialogue under our free trade agreement and other platforms to resolve our outstanding issues,” Farrell said after meeting Wang.

We discussed WTO disputes. I’m glad our barley agreement is still on track.”

Wang accepted Farrell’s offer to Australia.

As I indicated, there were excellent discussions, and much action has started. “Coal, copper concentrates, and cotton have returned to China.”

Farrell told Wang about Cheng Lei and detained Australian blogger Yang Hengjun’s consular cases.

The Australian minister said China wanted to join the Comprehensive and Progressive Deal for Trans-Pacific Partnership (CPTPP), a Pacific Rim free trade deal.

“The Chinese minister indicated that they would like to be considered for accession to the CPTPP,” Farrell said.

All CPTPP members—including Australia—must approve the entry.


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