Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

UPDATE 1-China accepts more Australian beef exporters as leaders meet

Published 24/03/2017, 02:30 pm
Updated 24/03/2017, 02:40 pm
© Reuters. UPDATE 1-China accepts more Australian beef exporters as leaders meet

(Recasts, adds detail of new trade measures, leader comments)

By Colin Packham

Sydney, March 24 (Reuters) - China removed the last remaining restrictions on imports of Australian beef on Friday and announced early-stage plans to co-develop a major mine, rail and port project, in contrast to a growing global trend of trade protectionism.

The policies - announced during a visit to Australia by Chinese Premier Li Keqiang - advance the trade relationship between the two countries at a time of rising tensions between Australia and its traditional ally, the United States. believe it is time for China and Australia to enter into an era of free trade across the board, which means that we need to have free trade between our two countries in wider areas," Li told reporters in the Australian capital of Canberra on Friday.

Australia is one of several countries trying to salvage the Trans-Pacific Partnership (TPP) by encouraging China and other Asian countries to join the trade pact after U.S. President Donald Trump abandoned the accord. the first sitting premier to visit Australia in 11 years, said China will now accept chilled beef exports from all licensed exporters. Previously sales were limited to just 11 authorised Australian sellers.

China is already Australia's largest trading partner, with business propelled by a wide-ranging free trade agreement the two countries signed in 2015.

The expanded access gives Australia an opportunity to take advantage of China's decision earlier this week to suspend meat imports from Brazil, the world's biggest exporter of beef and poultry, due to a scandal over sales of rotten and salmonella-tainted meats. exports play a major role supporting China's growth," Australian Prime Minister Malcolm Turnbull said on Friday. "Our high-quality clean, green agricultural produce supports China's food security."

Turnbull and Li attended a ceremony on Friday where China State Construction Engineering Corp Ltd 601668.SS tentatively agreed to build a new port and rail line for a yet-to-be-approved iron ore mine in the state of Western Australia.

The memorandum of understanding is tied to a A$6 billion ($4.6 billion) mine, rail and port project in Western Australia's mineral-rich Pilbara region and includes privately-owned New Zealand firm BBI Group.

($1 = 1.3108 Australian dollars)

Latest comments

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.