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High quality FTA in interests of China and Australia: minister
(Xinhua)
Updated: 2009-11-24 16:14

Not long after China and Australia have passed the bumpy road and come back to "business as usual", both sides set to resume the Free Trade Agreement (FTA) negotiations. Why is the FTA so important and urgent to both China and Australia? How does a free trade agreement benefit China particularly?

Australian Trade Minister Simon Crean told Xinhua in an exclusive interview on Tuesday "A comprehensive and high quality FTA would serve the long-term interests of both Australia and China by underpinning the continued expansion of trade and economic links between our two countries."

Crean said Australia and China enjoy strong economic complementarity. China would obtain more reliable access to input its needs for its further economic development, including food, fibres, minerals and energy. The FTA has the potential to enhance China's energy and food security, and provide a framework for two way investment flows.

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China and Australia are economies of different development stages while Australia enjoys advantages in many areas. In the next round of negotiations, how will Australia address those differences and coordinate with China?

The complementary nature of our two economies is one of the key reasons why a comprehensive and high quality FTA is in the interests of both countries, the Trade Minister told Xinhua. "For instance, as an advanced economy, Australia is well placed to support China's progress towards developed economy status. Areas of potential cooperation include financial services, education services, urban planning and design, and clean, green environmental services."


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