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The following is a media release issued by Australian Minister for Trade Simon Crean on 22 October:
Australia-China High-Level Economic Cooperation Dialogue
Australia and China held the third meeting of the Australia-China High-level Economic Cooperation Dialogue (HECD) at Parliament House, Canberra, Australia on 22 October 2008. The HECD was chaired by Australia’s Minister for Trade, Mr Simon Crean, and China’s National Development and Reform Commission Chairman, Mr Zhang Ping.
Australia and China acknowledged that the rapid growth in trade between the two countries was underpinned by strong economic complementarities. China is Australia’s largest trading partner, and Australia is an important and secure supplier of resources that can help China sustain its economic growth.
The two sides exchanged views on the impact of the global financial crisis on their respective economies. China noted that while domestic growth had slowed moderately, overall, the fundamentals of the Chinese economy were strong and resilient. The two-sides held a wide-ranging discussion on how to best take forward economic cooperation. The discussion covered bilateral trade and cooperation in clean energy and energy security, minerals and energy resources, transport and infrastructure, two-way investment and respective economic reform agendas.
Looking to the future, the two sides agreed that complementarity and market confidence will help ensure the Australia-China trade relationship continues to prosper. Australia and China also noted progress in the bilateral free trade agreement negotiations and the importance of a comprehensive, high-quality, mutually beneficial outcome. The two sides acknowledged that the WTO DDA Round was the best means for securing across-the-board gains, and an expeditious outcome would be an important confidence boosting step during this time of global financial crisis.
Australia and China agreed to strengthen cooperation in clean energy. China expressed its willingness to work with Australia on joint R&D and demonstration of Carbon Capture and Storage technologies, and is interested in further discussing Australia’s Global Carbon Capture and Storage Initiative. The two sides endorsed the work of the Joint Coordination Group on Clean Coal Technology in taking forward further practical cooperation. Australia and China also exchanged views on common interests in energy security and agreed to cooperate further in multilateral and regional energy security initiatives.
Australia and China underlined the significant role energy and minerals played in the bilateral economic relationship. China was a stable and large market for resources; Australia was a competitive and highly reliable supplier of a wide range of resources. Both sides agreed on the need for cooperation in the minerals and energy sector and looked to further expand bilateral trade and investment opportunities in this sector. These opportunities will be pursued through the Memorandum of Understanding on Australia - China Bilateral Dialogue Mechanism for Resources Cooperation.
Australia and China shared experiences in respective priorities in improving domestic transport and other infrastructure. The development of such infrastructure and transport links held the potential to further expand trade between the two countries.
Australia and China reviewed the significant growth in two-way investment that was helping to promote the development of both countries. Australia outlined that its foreign investment screening regime was non-discriminatory. Australia stated that it welcomed foreign investment from China and other countries that was consistent with the national interest. China welcomed further Australian investment to assist China’s continued modernisation.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555