Australia's treasurer to pay trip to China as bilateral ties as bilateral relations mend
Date
9/25/2024 5:26:53 AM
(MENAFN) Treasurer Jim Chalmers is poised to make history this week by becoming the first Australian government Minister in the crucial economic role to visit China in seven years, marking a significant step in the ongoing efforts to mend strained bilateral relations. Chalmers will fly to Beijing on Thursday for a two-day visit, the first by an Australian treasurer since Scott Morrison made the trip in 2017. Morrison later ascended to the role of prime minister, during which time relations between Australia and China further deteriorated until Morrison’s conservative government was replaced by Prime Minister Anthony Albanese’s center-left Labor Party following the 2022 general election.
The primary objective of Chalmers' visit is to co-chair the Australia-China Strategic Economic Dialogue with He Lifeng, the chair of China’s National Development and Reform Commission. This dialogue, which has not been convened since 2017, aims to enhance trade and investment opportunities between the two countries, providing a platform for Australian and Chinese businesses to explore cooperative ventures. Chalmers underscored the significance of this visit, stating, “This is another really important step towards stabilizing our economic relationship with China,” reflecting the Albanese government’s systematic efforts to reestablish communication with Australia’s largest trading partner.
The bilateral relationship took a nosedive in 2020 when the Morrison government advocated for an independent inquiry into the origins and handling of the COVID-19 pandemic. In response, China implemented a series of official and unofficial trade bans on various Australian products, including coal, cotton, wine, barley, beef, lobsters, and wood, resulting in losses for Australian exporters estimated at up to 20 billion Australian dollars (approximately $13 billion) annually. Since the change in government, most of these trade barriers have been lifted, signaling a thaw in relations.
In November, Prime Minister Albanese made headlines by becoming the first Australian prime minister to visit China in seven years, while Chinese Premier Li Qiang's visit to Australia in June marked the first of its kind in the same timeframe. Despite the progress in bilateral ties, Australia remains cautious regarding its economic relationship with China, seeking to strengthen its partnerships with other significant markets, particularly India. On Wednesday, Indian Commerce and Industry Minister Piyush Goyal met with his Australian counterpart Don Farrell to discuss advancements on a new bilateral free trade agreement that builds upon a 2022 pact, highlighting the growing importance of the Australia-India relationship.
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