High quality FTA in interests of China and Australia: minister

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(Xinhua)
Updated: 2009-11-24 16:14

Crean said while it is true that economies of China and Australia are at different stages of development, an FTA would significantly enhance and deepen the trade and economic relationship to the benefit of both countries.

He admits the negotiations are "challenging" because China has not previously negotiated an FTA with a country that has such extensive interests in agriculture, resources, services and investment.

However, the minister is confident that both sides are committed to working together in a positive and practical spirit to conclude the negotiations as rapidly as possible, including finding ways to overcome any differences and to negotiate a mutually beneficial outcome.

Referring to Vice Premier Li Keqiang's recent visit to Australia, Crean said the country was pleased to host a very successful visit to Australia by the Chinese Vice-Premier, Li Keqiang in October 2009.

"Li's visit produced a bilateral Joint Statement (the first since the establishment of diplomatic relations in 1972), and Memoranda of Understanding on education and training, combating illegal logging and protection of cultural property."

Although bilateral relations encountered some difficulties earlier this year, the relationship has been restored to an even keel and Australia is committed to building a mature, balanced long-term relationship with China, based on shared interests and mutual respect, he said.

China is now Australia's largest trading partner. Total trade ( goods and services) with China increased by 30 percent to A$83 billion($77 billion) in 2008-09, according to Crean.

"This dramatic expansion in our bilateral economic relationship reflects the complementarity between our two economies and the extent to which China's prosperity is underpinned by Australia's energy and natural resources."

In Tuesday's interview, the minister also said, "China is also an increasingly important investor in Australia. Since November 2007, the Government has approved over 100 Chinese investment proposals worth almost A$40 billion dollars ($37 billion) . Australia sees China's increased investment interest as a positive development that will benefit both countries."

Investment is, of course, a two-way street. Australia will continue to seek greater access for Australian investors in China, including in the financial services sector and other areas such as mining and manufacturing, he said.

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