China & Australia set in motion FTA talks

24 May '05

2 min read

Chairman of China's National People's Congress, Wu Bangguo has called on China and Australia to cooperate closer in economics and trade.

Wu Bangguo attended the opening of the China-Australia Economic and Trade Cooperation Forum in Sydney Monday delivering the keynote address.

More than 300 entrepreneurs and government officials from both countries participated in the forum's opening ceremony.

The first round of free-trade agreement (FTA) talks between China and Australia began yesterday.

Wu Bangguo stated in a forum that the trade talks were "a significant development in our relations. It will help expand bilateral cooperation in trade, investment and services and provide even greater horizon for our economic partnership.”

He said ", China and Australia enjoy unprecedented interaction and cooperation in science, technology, education, culture, tourism and other fields and frequent contacts between the two peoples.”

Australian Trade Minister Mark Vaile also welcomed the talks, saying they marked "an historic period in our bilateral relationship."

Mark informed that from today, senior trade officials will map the way forward for the negotiations operating on the principle that they will be comprehensive, covering goods, services and investment, and be completed as a single undertaking.

The two governments agreed to begin the free trade talks during a meeting in Beijing last month between Chinese PremierWen Jiabao and Australian Prime Minister John Howard.
Wen Jiabao and Australian Prime Minister John Howard.

Australia has recognized China's full market status with the bilateral trade volume reaching more than 20 billion US dollars last year.

China is now the third largest trading partner of Australia with second largest export market. Australia is China's ninth largest partner.

Ministry of Commerce - China

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