Current location:Global Gazette news portal > politics
Trade relations between China, Australia shine
Global Gazette news portal2024-05-21 19:38:17【politics】5People have gathered around
IntroductionEmployees work on the production line of tractors, which are bound for export to Australia, in Luoya
Employees work on the production line of tractors, which are bound for export to Australia, in Luoyang, Henan province. ZHANG YIXI/FOR CHINA DAILY
More cooperation, biz opportunities seen ahead as win-win mood spreads
China and Australia enhanced their economic and trade relations last week, and this will offer institutional support for business cooperation, besides creating more commercial opportunities for both sides, experts and company leaders said on Monday.
They were reacting to the renewed dialogue between Chinese Commerce Minister Wang Wentao and Australian Trade Minister Don Farrell, which marked the 16th China-Australia Joint Ministerial Economic Commission in Beijing on Friday, held under the aegis of China's Ministry of Commerce.
During the meeting, Wang called on Australia to make efforts with China to expand common interests and address each other's concerns on the basis of equality and mutual benefit.
In a separate statement released on Saturday, Farrell said the two sides agreed to step up dialogue under their existing free trade agreement and other platforms, in order to stabilize the bilateral trade relationship.
The two ministers discussed opportunities for further cooperation, including topics on climate change, digital trade and e-commerce, and the reform of the World Trade Organization.
This was the first in-person meeting between the trade and commerce ministers of the two countries since 2019. The last China-Australia Joint Ministerial Economic Commission was held in Beijing in 2017.
The renewed engagement between the two countries signifies an improvement in bilateral business ties, said Zhou Mi, a senior researcher at the Beijing-based Chinese Academy of International Trade and Economic Cooperation.
The high-level dialogues to follow would offer institutional guarantees, foster confidence among businesses and build stable expectations, said Zhou.
China-Australia trade dropped by almost 4 percent year-on-year to $220.92 billion in 2022, data from China's General Administration of Customs showed.
However, their total trade value surged nearly 11 percent year-on-year to $58.79 billion in the first quarter of this year.
The growth in foreign trade figures during this period indicates that China-Australia trade and economic relations have entered a phase of substantial improvement, with exports of wheat, cotton, iron ore and coal from Australia to China set to rise, said Chen Hong, director of the Australian Studies Center at East China Normal University in Shanghai.
"It also appears that progress has been made in efforts to resolve the China-Australia dispute over trade in barley, wine and lobsters," said Chen. "The previous Australian government tied its foreign policy excessively to the United States, undermining the China-Australia economic and trade relationship, which ultimately hurt the Australian economy."
Therefore, a long-term and effective friendly relationship with China is conducive to the development of bilateral business ties, he said.
Since global headwinds have affected the Australian economy and labor market because of its small population size and scattered manufacturing sector, China could be the best partner for Australia to help it deal with its current challenges, said Zhang Yongjun, deputy chief economist at the China Center for International Economic Exchanges in Beijing.
Jakob Stausholm, CEO of Rio Tinto, the Australian iron ore miner, said he has an optimistic short-term outlook for iron ore. There is a direct correlation between China's accelerating growth and the demand for iron ore, he said.
"Based on the current robust cooperation with China, Rio Tinto is confident in the new GDP growth target (of "around 5 percent" for 2023) China has set and we believe China is expected to make a significant contribution to global economic growth this year once again," he said.
Bellamy's Organic, an Australian organic infant milk powder and complementary baby food products provider, said it will seek to increase its sales in China by following current trends. The company will also strive to narrow the gap between itself and the new generation of young mothers through new media marketing, joint intellectual property activities and private domain marketing this year.
Daisy Liu, Bellamy's Organic's marketing general manager in China, said, "We will invest more resources in the market for midrange and high-end formula milk powder, snacks and supplementary food, to further diversify our offerings."
Address of this article:http://ukraine.graduatethesis.org/html-47e199884.html
Very good!(4)
Related articles
- 'The Apprentice,' about a young Donald Trump, premieres in Cannes
- Amtrak train hits pickup truck in upstate New York, 3 dead including child
- Sweden beats France, Britain relegated after losing to Norway at hockey worlds
- Supreme Court declines to hear challenge to Maryland ban on rifles known as assault weapons
- Bella Hadid goes braless in a thigh
- Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
- 'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
- Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
- NBA playoffs: Edwards leads Wolves to 98
- Independent UN experts urge Yemen’s Houthis to free detained Baha'i followers
Popular articles
- Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
- Independent UN experts urge Yemen’s Houthis to free detained Baha'i followers
- Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
- Young Boys seals 6th Swiss soccer league title in 7 years after rallying from firing coach Wicky
Recommended
Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
Nuggets blow 20
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
Mystery artist who erected signs comparing pothole
Iran helicopter crash that killed President Raisi could reverberate across the Middle East
What's next for Iran after death of its president in crash?
Georgia Republicans choose Amy Kremer, organizer of pro
Yu Darvish extends scoreless innings streak to 25 in Padres' 9
Links
- Roundup: Monkeypox cases rising in EU, authorities urge countries to take measures
- China developing two models of reusable rockets
- U.S. doubles down on vaccination efforts as Delta variant drives COVID
- 2 dead, 26 injured in Hebei gas explosion
- Hundreds gather in London to protest against Assange's U.S. extradition
- Comicomment: U.S. 'spying' China
- Alleged intruder at Peruvian embassy in U.S. shot dead by Secret Service
- 2023 Edition of 'Xi Jinping on the Belt and Road Initiative' Published
- China firmly opposes the ROK inviting the Taiwan authorities to the so
- Tokyo 2020 Paralympic Games open