In a pointed address at China’s largest trade fair, Prime Minister Anthony Albanese underscored the importance of rules-based trade and expressed optimism that China would lift the remaining sanctions against Australian exports.
Albanese noted Australia's trade performance in goods and services reached record highs in 2022-23, despite the $20 billion in punitive trade measures imposed by Beijing over the last three years.
The PM highlighted the mutual benefits of a rules-based trading system, referencing the World Trade Organisation's role in maintaining fairness and resolving disputes, and he expects discussions with Chinese President Xi Jinping and Premier Li Qiang will further this agenda.
Agreement for Trans-Pacific Partnership
Speaking at the same event, Premier Li espoused China's commitment to the principles of free trade and voiced opposition to unilateralism. He reaffirmed China’s wish to join the 12-member regional free trade pact — the Comprehensive and Progressive Agreement for Trans-Pacific Partnership — and said China would “firmly uphold” the authority and effectiveness of the multilateral trading system.
However, other members of the Pacific partnership, including Australia and Japan, oppose China’s entry until it can demonstrate the standards of the agreement.
Albanese emphasised that China's entry into the agreement was contingent upon its compliance with established trade norms.
Mending ties with Beijing
Albanese's visit to China — the first of its kind since 2016 — marks a significant step in mending ties with Beijing. This event is the result of an 18-month diplomatic endeavour to stabilise relations after previous tensions under the Morrison government resulted in trade restrictions.
These bans have all been lifted, save for around $2.5 billion in restrictions on wine, beef and lobster and the restrictions on wine should be lifted within five months, signalling a return to more amicable trade relations between Australia and China.
HSBC chief executive Anthony Shaw and incoming Business Council of Australia president Geoff Culbert expressed support for the renewed dialogue, seeing it as a catalyst for stable and predictable trade relations.
Treasurer Jim Chalmers and Opposition Home Affairs spokesman James Paterson acknowledged the complexity of Sino-Australian relations but recognised the benefits of continued engagement.
Trade Minister Don Farrell expressed optimism that China would lift the remaining sanctions on Australian exports, which could herald a new phase of economic engagement between the two countries.
Farrell said: “I raised those issues directly with my counterpart last night and I expect that as part of the stabilisation process that’s going on with China, and as part of our ambition to remove all of the impediments, I would expect that in a very short space of time.”