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Saturday, July 13, 2024

Australia and China strengthen trade relations during their annual leaders’ meeting

Australian Prime Minister Anthony Albanese and Chinese Premier Li Qiang have made substantial strides in enhancing trade relations between their nations during the Annual Leaders’ Meeting in Canberra. Following their discussions, the leaders oversaw the signing of several bilateral agreements aimed at revitalizing dialogue and strengthening cooperation.

Australia’s exports of goods and services to China have more than doubled since the China-Australia Free Trade Agreement took effect in 2015. To further bolster this crucial economic partnership, ministers from both countries signed a memorandum of understanding (MoU) to reinforce the agreement’s implementation, as announced by the Australian government.

In addition to trade, the leaders also signed an MoU on the Strategic Economic Dialogue, which aims to advance discussions on economic policies and deepen bilateral economic cooperation.

Climate change emerged as another pivotal topic, with both leaders welcoming the renewed cooperation through an updated MoU. This agreement sets the framework for expanding dialogue on climate issues, and Australia is slated to host the next Australia-China ministerial dialogue on climate change later this year.

“The agreements reached today are a testament to the government’s consistent and measured approach to our relationship with China. They underscore the wide array of areas where we can collaborate for mutual benefit. Bilateral trade has delivered substantial advantages to both our nations.”

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