China, Australia Trade Chiefs Talk Thawing Trade Tensions in Shanghai
Australian Trade Minister Dan Farrell and Chinese Commerce Minister Wang Wentao met to discuss trade issues this week ahead of the China International Import Expo trade show in Shanghai, the two countries said.
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Farrell and Wang held a “pragmatic and constructive discussion” on trade, China’s Commerce Ministry said, according to an unofficial translation. Wang said they should both “promote the resolution of each other's economic and trade concerns on the basis of equality and mutual benefit, and transform the economic complementarity of the two countries into more practical cooperation results.”
The meeting came as the two countries have worked to thaw trade tensions over the last year. China recently removed tariffs on Australian wine imports (see 2404030026, lifted suspensions on eight Australian red meat export facilities (see 2405300016) and agreed on a timetable to eliminate import restrictions on Australian live rock lobster by the end of the year (see 2410110007).
Wang said the number of Australian companies participating in the Shanghai-based trade show this year “hit a new high, which shows the enthusiasm and confidence of the Australian business community in economic and trade cooperation with China.” He said China will “create more business opportunities for Australian companies. China hopes that Australia will continue to improve its business environment and treat Chinese companies fairly and equitably.”
In a statement released before the meeting, Farrell also said a “record number” of Australian businesses are attending the trade show this year to “seek out new opportunities to grow and diversify their markets.” Farrell said he planned to press Wang “for the full resumption of normal bilateral trade.”