Chinese Premier Li Qiang has emphasised the importance of enhancing cooperation between China and Australia during a roundtable meeting with Australian Prime Minister Anthony Albanese and key business leaders. His remarks were made against a backdrop of rising protectionist measures and unpredictable trade dynamics under US President Donald Trump. While Australia has generally avoided severe impacts from these tariff wars, China has faced significant challenges due to import taxes aimed at promoting American production.
Li highlighted the necessity of collaboration in light of the complex changes occurring in the global economy and increasing trade frictions. He noted that “destabilising factors and uncertainties are growing,” urging both nations to work together more closely to navigate these challenges. Notably, in a previous year, Australia had called for the removal of tariffs affecting billions in exports to China, which were implemented following Australia’s push for an international investigation into the COVID-19 pandemic origins.
At the CEO Roundtable in Beijing, Li acknowledged the “strong resilience and vitality” of the Australia-China trade relationship amidst their previous tensions. He called for greater cooperation in light of escalating global protectionism, reaffirming both countries’ commitment to advancing trade and investment.
Political analyst Simon Jackman remarked that China’s recent approach signals to Australia that it could serve as a reliable partner compared to the increasingly unpredictable US. Despite traditional views of the US as a more trustworthy ally, the gap in confidence between the two superpowers is narrowing; a recent Lowy Institute poll indicated a slight rise in Australian trust towards China.
Albanese noted a remarkable increase in Australian exports to China following the signing of a free-trade agreement a decade ago. He stressed the importance of both nations learning from their successes and preparing for shared challenges, asserting that the event reaffirmed the Australian government’s commitment to strengthening ties.
Bran Black, CEO of the Business Council of Australia, remarked on the significance of their roundtable being held in Beijing for the first time since 2016. He expressed the necessity of boosting trade to foster Australian jobs and the potential for Australian products in the Chinese market across various sectors, including decarbonisation of steel and agricultural products. With one in four Australian jobs reliant on trade, enhancing opportunities with all trading partners, especially China, is increasingly vital for the nation’s economic growth.
In conclusion, the meeting underscored a mutual desire to deepen collaboration between China and Australia amidst global economic uncertainties and evolving trade landscapes. Both leaders expressed optimism about the future of their bilateral relationship.