Australia is planning a two-pronged approach to trade by reducing the nation’s dependence on China, and advocating for the removal of $20 billion sanctions through a face-to-face meeting with Xi Jinping.
Prime Minister Anthony Albanese will land in Bali on Monday evening to attend the G20 leaders’ summit following a weekend in Phnom Penh for the East Asia and ASEAN summits.
If the meeting with Mr Xi goes ahead, it will be the first time in six years leaders of Australia and China got together.
Mr Xi has already confirmed a meeting in Bali with US President Joe Biden.
In a keynote speech ahead of the summit on Monday, Trade Minister Don Farrell said Australia needed to diversify its trade relationships, with the geostrategic case for a European Union free trade deal having strengthened.
“Increasingly, economic policy and national security policy are intertwined – a resilient Australian economy underpins national security,” he told the RMIT APEC Study Centre.
“It is no longer possible, if it ever was, to insulate our trade policy from geopolitics.”
Senator Farrell indicated Mr Albanese would tell the Chinese president the removal of $20 billion in trade barriers would be crucial for the relationship between Canberra and Beijing returning back to normal.
The minister said while Chinese duties on barley and wine were being formally challenged through the World Trade Organisation system, Australia was open to discussing “possible off-ramps” to get a mutually agreed solution.
On Sunday, the final day of the Cambodian summit, the prime minister had a 40-minute catch-up with Mr Biden.
The pair discussed security deals, the climate and engagement with the Pacific.
But Mr Albanese would not reveal if the president gave him any clues about what he will discuss with Mr Xi.
“President Biden can speak for himself and I’ll speak for myself on the terms in which Australia engages,” he told reporters in Phnom Penh
“[Australia] will engage constructively in dialogue with the countries that wish to engage with us.
“I’ve said that we should co-operate with China where we can and that’s what we’re doing.”
Indonesian President Joko Widodo has invited Mr Albanese to give a key note speech at the B20 meeting which brings together business and political leaders from the world’s strongest economies.
Global recovery from the COVID-19 pandemic and taming inflation impacting economies will be key themes of his speech.
Mr Albanese will make a pitch to world leaders to work together in all nations’ interests by reducing tariff obstructions and increasing trade agreements.
“We can achieve far more together than we ever will alone,” he will say.
“Recovering stronger depends on recovering together.”
Tackling climate change will also feature heavily during the summit.
The prime minister will urge governments and businesses to invest in clean energy sources and spruik Australia’s role in the global transition to renewables.
“We know Australia can be a renewable energy superpower and we are working to grow our clean energy export industry,” he will say.
“We are committed to co-operating with other nations to help reduce their emissions, grow their economies and improve living standards.”
Leaders will also discuss global food insecurity, worsened by Russia’s invasion of Ukraine, as well as the global response to pandemics.
