2016年CRI Australian Minister Expects Future Trade Relationship with China

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According to Steve Ciobo, the number of delegates involved in Australia Week, is a display of how serious his country is to develop its relationship with China.

A total of 150 business activities will be held during the course of the week, in over 10 different Chinese cities including Beijing, Shanghai, Guangzhou and Hong Kong.

Several specific programs will be featured including topics such as agriculture business, financial services, elderly health care, education and tourism.

Australian Prime Minister Malcolm Turnbull will also make his first official visit to China during the event, hoping to meet several Chinese leaders during his stay.

Meanwhile, Ciobo also hailed the China-Australia free trade agreement which took effect last December.

He said the agreement enhanced the bilateral¹ economic and trade ties, and has already been beneficial to the Australian agriculture industry.

"CAFTA (China-Australia Free Trade Agreement) is a vital building block in the trade and investment relationship between Australia and China. We continue to see opportunity for Australia to benefit from CAFTA. Inbound investment will continue to drive jobs. It will continue to drive investment growth. Increased exports will continue to drive economic growth and to drive jobs. "

Many experts believed that one of the most immediate² impacts of the FTA has been the incentive³ it's created for Australian businesses, startups and industries, to start thinking about how best to do business with China, its largest trading partner.

Enterprises have been urged to take on a more active role, especially considering the global competition for a share of China's ever demanding growing middle class.

Tim Harcourt, a professor from University of New South Wales, said many sectors⁵ of Australia's economy are seeing benefits since the FTA started taking effect.

"In things like healthcare, Blackmores has already been able to sign some very significant deals because of the growing middle class and emphasis on well-being⁶ and health in China. And in building in these second and third tier cities right around China, the new architecture provisions that allow Australian building and architecture experience have greatly benefited their bidding for contracts."

Blackmores is a major Australian manufacturer and distributor of vitamins, minerals, and nutritional⁷ supplements.

Jim Harrowell, president of the Australia China Business Council of New South Wales, says the agriculture sector⁴ in Australia reaped great rewards from the initial tariff⁸ reductions, as well as increased demand for dairy products and beef.

"Cattle prices are quite high in Australia in the expectation that we are going to increase our exports to China and sheep meat prices are pretty good at the moment too. So we are certainly seeing activity there; we are seeing activity in the wine industry."

Harrowell also urged enterprises to take advantage of the opportunities being presented, with the help of the government as a facilitator and door opener.

Australia Week begins today and will run through until Friday.

For CRI, I'm Xie Cheng.