| Time is right for Australia to negotiate FTA with China: minister |
| Thursday,April 14,2005 Posted: 05:15 BJT(2115 GMT) |
| Time is right for Australia to negotiate FTA with China: minister
Australian Trade Minister Mark Vaile said Wednesday the time is right for Australia to move into free trade (FTA) negotiations with China despite the difficulty of the negotiation. Speaking at the launch of the 2005 Trade Statement in Canberra, Vaile said that Australia must look at strengthening its trading relationship with China further. He made the remarks on the eve of Australian Prime Minister John Howard's visit to China next week, during which he and Chinese leaders are expected to announce the start of the bilateral FTA negotiations. Vaile predicted Australia will achieve its highest export figure on record this financial year, predominantly due to the emergence of China as a major industrialized power. "I believe the time is right for Australia to move into free trade negotiations with China," he said. "Australia must be at the front of the queue in this market. The Chinese economy grows stronger by the day and Australia simply cannot afford to be left behind," he said. He said any negotiation with China will be difficult so as to secure a win-win result. An FTA between the two countries will have major impact on the global economy, he said. He pointed out that the two countries have built trust during their 30-odd years of diplomatic relations, adding "Regardless of the outcome of any negotiation, our robust and healthy relationship will continue to grow." Vaile said the Australian government's forward-looking agenda on free trade agreements also ensures that Australia does not miss out on opportunities created by its major trading partners pursuing FTAs with other countries. On China's concern over the sharp rise in iron ore prices, Vaile said it is the market demand that is behind it. Australia is one of the most important iron ore providers, whose producers have secured a 71.5 percent increase in iron ore prices for this year in the face of huge demand from East Asian market, particularly China. Vaile also ruled out a government intervention in the prices. |
| (Source: English Site of Vancouver) |
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