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Free trade between China and Australia will have extensive and long-standing significance on the two countries and the global economy, according to an article in China Youth News. An excerpt follows:
Ma Xiuhong, vice minister of commerce, is reportedly heading to Sydney next month to meet Geoff Raby, deputy secretary of Australia's Department of Foreign Affairs and Trade.
Their meeting is seen as a prelude to negotiations on a Sino-Australia free trade agreement (FTA), which has been highly praised by the Australian media.
The meeting will set a substantial framework and the agenda for the FTA negotiation between the two sides, which is supposed to take two years.
The Australian government knows well that trade cooperation with China will bring a lot of business opportunities and the FTA talks will accelerate the two countries' domestic micro-economic reforms.
Also, the negotiation will have significance beyond the two countries for its political influence.
Europe, which pays special attention to economic cooperation with China, has invited Raby to Brussels to discuss FTA affairs.
China attaches high importance to cooperating with Australia for its significant role in international trade.
Australia has signed free trade agreements with New Zealand, Singapore and Thailand. Its FTA talks with the United States have also come to a close.
During his visit to Australia earlier this year, President Hu Jintao stressed China and Australia could both benefit from close trade relations.
The Australian government has also indicated it regards China as an important trade partner.
It did not follow the suit of the United States to pressure China to revalue Renminbi. It also disagreed with some countries' claim that China remains a "non-market economy country" and has revised its anti-dumping act to facilitate bilateral trade.
These moves have created a warm atmosphere for China to start the Sino-Australia FTA talks.
China has become the biggest market for Australia's resource exports. And the upcoming FTA talks will certainly benefit Australia's agriculture, livestock husbandry and education services.
As a senior Australian trade expert put it, the FTA talks will promote more intensive economic integration between China and Australia.
(China Daily December 30, 2003)
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