China seeks to strengthen cooperation with Australia in enlarging trade, joining CPTPP
Chinese Commerce Minister Wang Wentao met with Australian Minister for Trade and Tourism Don Farrell on Monday, calling for strengthened cooperation in China's joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The meeting marks a new attempt towards building closer bilateral trade ties.
During the meeting held in Abu Dhabi, Wang expressed hopes of ensuring practical outcomes from the 13th WTO Ministerial Conference, and he emphasized the continuous improvement and resilience of China-Australia relations, highlighting stability and positive momentum in economic and trade cooperation.
Both sides exchanged views on bilateral economic and trade relations and issues of mutual concern, with a focus on creating a favorable environment for business collaboration.
Farrell praised Australia's strong and dynamic economic and trade relationship with China, noting the growth in bilateral trade and investment in 2023. He welcomed Chinese investment and assured fair treatment for all international investors, including those from China.
Farrell also expressed interest in expanding Australian exports to China, aiming to elevate bilateral trade to new heights.
Recent developments have seen progress in various economic and trade areas, with the Chinese Ministry of Commerce (MOFCOM) initiating a review investigation into anti-dumping measures and countervailing tariffs on Australian wine. The move could potentially lead to the lifting of tariffs on Australian wine.
Against the backdrop of China's growing foreign investment, there has been a notable increase in newly established foreign-invested enterprises in January, with a significant rise in investments from Australia, which saw a staggering 186 percent year-on-year increase, according to MOFCOM.
Furthermore, Wang has expressed China's willingness to cooperate with multiple countries on joining the CPTPP. During a meeting with New Zealand's Trade Minister Todd McClay on Sunday, he highlighted China's intention to work with New Zealand in the process of joining CPTPP and the Digital Economy Partnership Agreement.
The 13th WTO Ministerial Conference provided China with an opportunity to engage with relevant countries with economic and trade talks, and advancing partnership in the CPTPP, Huo Jianguo, a vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Monday.
China is willing to work with other CPTPP members in reaching trade cooperation agreements, promoting the development of the organization, Huo noted.