/ 15 May 2023

‘Substantial progress’ made on trade

Grunge country flag illustration (cracked concrete background) / China vs Australia (Political or economic conflict)
Grunge country flag illustration (cracked concrete background) / China vs Australia (Political or economic conflict)

We flagged this one on Friday, but reports say that both the Aussie and Chinese delegates feel “positive” after their 2-day trade talks wrapped up, despite no big breakthroughs. Aussie Trade Minister Don Farrell extended an invitation to his Chinese counterpart Wang Wentao to visit Oz – an invite Wang’s accepted – so they can “continue to build on the positive momentum of our trade relationships and our discussions”. Farrell’s hoping China will wind back $20 billion of COVID-era trade restrictions on Aussie products like wine, barley, and beef, which were implemented when relations between the 2 countries were frostier. Although his visit to Beijing didn’t secure a cancellation of those bans, China says “substantial progress” was made to resolve the trade dispute. In a statement, the Chinese Commerce Ministry said it was “willing to work with the Australian side to jointly expand more areas of cooperation”.

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