Australia and China agree to boost trade on minerals, energy supplies, tourism & technology

Flags of Australia and China | Representative Image | Reuters

Australia and China have agreed to boost trade on minerals, energy supplies, tourism and technology under a new roundtable agreement. The agreement was announced on Tuesday after a business forum in Western Australia, said a statement by the office of the Australian Prime Minister.

The roundtable included Australian ministers and business leaders who discussed ways to improve relations between the two countries.

The agreement was signed by Premier Li of China and Australia’s Minister for Trade and Tourism Don Farrell and aims to “build on this success” by investing in renewable energy, mining and manufacturing.

“Our government’s plan for a future made in Australia is about building on this success,” Farrell said.

“Investing in our nation’s capacity to cater to growing global and national demand for the components and expertise essential to clean energy technology and future industries. Moving Australia up the international value chain. Processing, refining and manufacturing more green metals and critical minerals here. And, through our exports, helping China and other nations in our region meet their net zero commitments,” he added.

Farrell said that while the government was committed to investing in local manufacturing, it did not mean cutting trade ties with China.

“Far from it,” he said.

“International partnerships and the inflow of foreign investment will continue to be crucial for Australia as we modernise and diversify our economy, even as we take steps to secure our economic sovereignty and build resilience in sectors that are vital to our national interest.”