On March 24, 2017, witnessed by the Premier of China and Prime Minister of Australia, China’s Minister of Commerce Zhong Shan and the Australian Minister for Trade, Tourism and Investment Steven Ciobo signed the Declaration of Intent of the Government of Australia and the Government of the People’s Republic of China on the Deliberation of Related Contents of China-Australia FTA (hereinafter referred to as the Declaration), announcing officially that the two countries will start the deliberation on the Service Chapter, the Investment Chapter of China-Australia FTA and the Memorandum of Understanding on Investment Facilitation Arrangement in 2017.
The Signing of the Declaration is an important economic and trade achievement of Premier Li Keqiang’s visit to Australia this time, which showed the steadfast determination of the two countries on supporting economic globalization and promoting trade liberalization and investment facilitation. The Declaration will further deepen the bilateral cooperation under the framework of FTA, and lay a favorable foundation for launching upgrading negotiation in due time, so as to inject new power in the development of bilateral relations.
China-Australia FTA came into effect officially on December 20, 2015. Since the Agreement came into effect, China-Australia bilateral economic and trade relation has enjoyed a steady development. Structure of bilateral trade in goods has been optimized continuously, the export of the superior products of the two countries realized rapid growth; trade in finance, tourism, education and medical care was flourishing and personnel exchanges have become closer and more frequent. Both the business circle and the people of the two countries benefited from the Agreement. According to the Agreement, the two countries should conduct deliberation on issues like service and investment in 2-3 years after it comes into effect.
China and Australia are important trade partners of each other with strong economic complementarity. The two countries choose to stick to market opening, continue to promote trade liberalization, deepen mutual benefit and cooperation, and create fairer, more equitable and transparent trade and investment environment. China and Australia steadily support the main channel role of multilateral trading system, and are willing to make joint efforts with international community to maintain the authority and effectiveness of multilateral trading system, and properly solve the emerging problems during the progress of economic globalization, so as to guide economic globalization to develop in the direction which is more inclusive, reciprocal, equitable and reasonable.