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China And Australia Relationship Essay

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China And Australia Relationship Essay
Trade relations between Australia and China

Australia’s establishment of diplomatic relations with China was in 1972 by the Whitlam Government, together with Australia’s One China policy. China and Australia’s bilateral relationship continues to grow, as do both the countries. The relationship is built a strong trade interests and location of our two countries. The Chinese are our largest two-way trade partners valued at almost 160 billion in 2013-14.
Australia and China are both part of APEC the Asia Pacific Economic Cooperation which was established in 1989. APECs main purpose is to facilitate economic growth and prosperity in the region. They are able to do this by trade and investment liberalisation, business facilitation, and economic …show more content…
China is now Australia's largest two-way trading partner in goods and services (valued at more than A$160 billion in 2013-14), our largest goods export destination (A$100 billion in 2013-14), and our largest source of merchandise imports (A$50 billion in 2013-14). The Government is pursuing a number of initiatives to strengthen and diversify this relationship.
Economic diplomacy is very important and is a main focuslof the governments international commitments. This is why we are bringing together activities in trade, growth, investment, and business.

On 17 November 2014, Prime Minister Tony Abbott and President Xi Jinping announced the conclusion of the negotiations for the China-Australia Free Trade Agreement (ChAFTA). ChAFTA is the Chinese Australia free trade agreement (FTA) between the two countries will bring FTA into action as soon as it can be done. This sets a base for a new era of trade with China. It will allow for new opportunities for Australia. China is Australia’s largest export market for good and services. This agreement will enhance the growing trade and investment relationship between our economies. The graph above shows that we make the largest amount of money in exports with our natural resources while we buy clothing, technology and household
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