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Symposium held on China-Australia free trade pact

cctv.com 03-22-2005 10:55

Government officials, experts and business leaders from China and Australia met in Beijing Monday for a two-day symposium to discuss issues related to a proposed Free Trade Area between the two countries.

Delegates from both sides discussed potential opportunities and challenges in sectors such as agriculture, manufacturing and services, which may result from the proposed FTA between the two countries.

China is now Australia's third largest trading partner. Bilateral trade between the two nations increased by over 50 percent last year to reach some 20 billion US dollars. Trade ties between the two sides are expected to further expand with the launch of an FTA.

Ma Xiuhong, Vice Minister of Ministry of Commerce, China, said, "China and Australia are highly complementary in economic and trade areas. We believe a free trade agreement between our two countries will deliver mutual benefits to both sides, and will further boost our friendly cooperative relationship."

However, the vice minister also expressed concern about the negative impact that an FTA may cause on China's vulnerable agriculture and service sectors. She said special considerations should be given to these two sectors during future trade negotiations between the two nations.

Similar concerns have also been heard from Australia's manufacturing sector. They fear that an FTA may lead to an increase of Chinese goods being imported into Australia, and jeopardize their market share. But delegates from Australia see substantial benefits as a result of the trade agreement.

Geoff Raby, Deputy Secretary, Dept. of Foreign Affairs & Trade, Australian Government, said, "It's of historic significance. This will be for us a unique relationship. We've just concluded one (free trade agreement) with the US, and the one with China will substantially anchor Australia in east Asia. And for China, it will be for the first time it enters a high quality, WTO-plus, comprehensive and modern agreement with a developed country. But what remains more than that is our long-term future."

A joint feasibility study into the proposed free trade pact is due to be finished by the end of the month, to decide whether the two nations will proceed with trade negotiations. The outcome of study may be announced during Australian Prime Minister John Howard's visit to Beijing in late April.

Editor:Chen Zhuo  Source:CCTV.com


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