Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Australia hopes Asia-Pacific trade deal will improve ties with China - report

Published 15/11/2020, 00:31
Updated 15/11/2020, 00:35
© Reuters. FILE PHOTO: Australia's Minister of Trade, Tourism and Investment Simon Birmingham gestures as he speaks during a signing ceremony with Indonesia's Trade Minister in Jakarta

By Lidia Kelly

MELBOURNE (Reuters) - Australia hopes that an ambitious trade deal to be signed on Sunday between 15 Asia-Pacific economies will help improve the country's strained relations with China, Australia's Trade Minister Simon Birmingham said.

The China-backed Regional Comprehensive Economic Partnership (RCEP) deal to be signed by the Association of Southeast Asian Nations (ASEAN) could become the world's largest free trade agreement.

Covering nearly a third of the global population and about 30% of its global gross domestic product, the deal will progressively lower tariffs and aims to counter protectionism, boost investment and allow freer movement of goods within the region.

Australia's ties with China, its biggest trading partner, became frayed after Canberra called for an international inquiry into the source of the novel coronavirus, which erupted in the central Chinese city of Wuhan late last year.

Trade disputes have hit a dozen Australian industries and threatened exports to China of agricultural products, timber and resources worth billions of dollars.

The ASEAN pact offers a platform that can lead to a positive change in relations, Birmingham said.

"The ball is very much in China's court to come to the table for that dialogue," Birmingham told The Age newspaper ahead of the conclusion of the ASEAN talks.

"It is crucial that partners like China, as they enter into new agreements like this, deliver not only on the detail of such agreements, but act true to the spirit of them."

Asked earlier this month whether China imposed restrictions on several Australian imports, foreign ministry spokesman Wang Wenbin said the measures taken by China were "legitimate, reasonable and beyond reproach."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Who is to say China won't renegade from the agreement in the future. A sudden Aussie Coal ban was unjustified with Ships waiting for 6m to discharge coal in China. China trade dependency is never an option.
Well then Australia shouldn't have offended China with that inquiry. Do they still think they can treat China like they did the Native Aboriginals lol
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.