"Much work needs to be done to reach agreement on the shape and content of the proposed FTA.
While we are prepared to work with China on this, we have quite deliberately not set a deadline for negotiations. We will negotiate for as long as it takes to achieve real business outcomes in terms of new access to the China market.
Any agreement must be balanced and it must deliver gains for Australian business across the board."
The Hon Alexander Downer MP
Former Minister for Foreign Affairs
Speech to Australia China Business Council, Melbourne 2006
Australia believes a Free Trade Agreement will help secure its long-term economic relationship with China, providing better access to the highly competitive Chinese market.
Australian and Chinese leaders agreed to launch negotiations on a bilateral free trade agreement (FTA) in April 2005. This followed a joint study showing that considerable benefits would flow to both countries - higher economic growth, more jobs and higher living standards.
The Australia China Business Council believes a comprehensive FTA will provide Australian companies with greater access to the fast-expanding Chinese market.
Benefits for Australia would include greater trade and investment flows across all sectors and result in more jobs, higher incomes and better standards of living in both countries. Independent research has predicted that under full liberalisation from 2006, Australia's real GDP would rise by an additional $24.4 billion over 10 years.
While negotiation of an FTA with China will be very complex and demanding, involving many issues of concern to both countries, the results will be an asset to both countries for years into the future.
The Australia China FTA Roundup provides up-to-date information on all these issues and fosters debate about them, hopefully leading to a better understanding of the value of a Free Trade Agreement to our two countries. |
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