Treasurer Jim Chalmers is set to make history this week as the first Australian government minister in seven years to visit China in his key economic role. This move signifies a positive shift in the strained bilateral relations between the two countries.
Chalmers will embark on a two-day visit to Beijing starting Thursday, with the primary objective of co-chairing the Australia-China Strategic Economic Dialogue alongside He Lifeng, chair of China’s National Development and Reform Commission. The dialogue aims to foster discussions on enhancing trade and investment opportunities between Australia and China, as well as promoting collaboration between businesses from both nations.
Chalmers emphasized the significance of this visit in stabilizing the economic relationship with China, which is Australia's largest trading partner. This initiative is part of the Albanese government's systematic efforts to reestablish dialogue with China, following the strained relations that escalated during the previous conservative government's tenure.
The last Australia-China Strategic Economic Dialogue took place in 2017, and since then, the bilateral relationship faced challenges, particularly in 2020 when trade barriers were imposed by China on various Australian products in response to political tensions.
However, recent developments, including Prime Minister Albanese's visit to China and the meeting between Indian and Australian commerce ministers to discuss a new bilateral free trade deal, indicate a positive trajectory in Australia's economic partnerships with key nations in the region.
Australia's existing free trade agreement with China, established in 2015, underscores the country's commitment to fostering economic ties with China and other major economies like India. The efforts to strengthen trade, investment, tourism, and technology partnerships reflect a strategic approach to expanding Australia's economic footprint in the Asia-Pacific region.
