Australian PM talks of trade, trust during Shanghai visit
Print Edition
AUSTRALIA is keen to forge closer economic ties with China and hopes this year to conclude negotiations regarding the establishment of a free trade agreement, visiting Prime Minister Tony Abbott said in Shanghai yesterday.
“The purpose of this trip is to seal mutual trust and to establish further cooperation that will lead to a strong strategic partnership,” Abbott said at a gala lunch in the city.
Abbott is leading Australia’s largest ever business delegation which includes executives of companies that represent half of the market value of the Australian stock exchange.
Abbot said he is hopeful that negotiations on the formation of a free trade deal, which have been ongoing for a decade, can be concluded before November, when Chinese President Xi Jinping is scheduled to visit Australia.
In a meeting with Abbott in Beijing, Xi called for negotiations on the free trade deal to be accelerated.
The two sides should also boost cooperation and exchanges in the areas of military, culture and combating transnational crime, Xi said.
In Shanghai, Abbott said the Australian government will support Sydney in becoming an offshore yuan center as the Chinese currency becomes increasingly globalized, and trade and investment between the two countries grows.
Bank of China this week issued its first yuan-denominated bond in Australia as part of efforts to raise the currency’s profile in the region. In February, the bank signed a contract with the Australian Securities Exchange to allow Australian companies to make yuan-denominated deals with Chinese investment and trading firms through ASX Ltd’s Austraclear service.
Boosting trade between Australia and China can also lead to closer cooperation on tourism, geographical disputes, military defense and education, Abbott said.
Trade between Australia and China was about A$125 billion (US$117.4 billion) last year.
The Australian delegation will meet Chinese firms from a range of industries, including mining, agriculture and education.
Australia welcomes Chinese state-owned enterprises to invest in even “critical infrastructure,” Abbott said.
Meanwhile, the Power Construction Corporation of China inked a Memorandum of Understanding with the Australian state of Victoria.
POWERChina and the Victoria government will cooperate and jointly carry out investment and development of major local infrastructure projects. POWERChina will establish a regional head office in Victoria, Xinhua news agency reported.
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