ANL 10.28 Decreased By ▼ -0.05 (-0.48%)
ASC 9.09 Increased By ▲ 0.02 (0.22%)
ASL 10.99 Decreased By ▼ -0.21 (-1.88%)
AVN 77.60 Decreased By ▼ -0.78 (-1%)
BOP 5.40 Decreased By ▼ -0.03 (-0.55%)
CNERGY 5.33 Decreased By ▼ -0.04 (-0.74%)
FFL 6.60 Decreased By ▼ -0.03 (-0.45%)
FNEL 5.85 Decreased By ▼ -0.10 (-1.68%)
GGGL 11.09 Increased By ▲ 0.03 (0.27%)
GGL 16.53 No Change ▼ 0.00 (0%)
GTECH 8.41 No Change ▼ 0.00 (0%)
HUMNL 7.14 Decreased By ▼ -0.02 (-0.28%)
KEL 3.00 Decreased By ▼ -0.09 (-2.91%)
KOSM 3.21 Increased By ▲ 0.17 (5.59%)
MLCF 27.00 No Change ▼ 0.00 (0%)
PACE 3.00 No Change ▼ 0.00 (0%)
PIBTL 5.94 Decreased By ▼ -0.13 (-2.14%)
PRL 17.90 Decreased By ▼ -0.30 (-1.65%)
PTC 6.97 Decreased By ▼ -0.05 (-0.71%)
SILK 1.17 Increased By ▲ 0.01 (0.86%)
SNGP 34.28 Decreased By ▼ -0.13 (-0.38%)
TELE 10.81 Decreased By ▼ -0.22 (-1.99%)
TPL 9.08 Increased By ▲ 0.03 (0.33%)
TPLP 20.15 Increased By ▲ 0.11 (0.55%)
TREET 29.15 Decreased By ▼ -0.35 (-1.19%)
TRG 77.11 Increased By ▲ 0.06 (0.08%)
UNITY 20.05 Decreased By ▼ -0.19 (-0.94%)
WAVES 12.80 Increased By ▲ 0.10 (0.79%)
WTL 1.33 Decreased By ▼ -0.04 (-2.92%)
YOUW 4.99 Increased By ▲ 0.19 (3.96%)
BR100 4,101 Increased By 22 (0.54%)
BR30 15,026 Decreased By -95.4 (-0.63%)
KSE100 41,541 Increased By 243.1 (0.59%)
KSE30 15,805 Increased By 108.4 (0.69%)

SYDNEY: Australia’s economy minister called on China Wednesday to drop punishing trade tariffs if it wants to thaw frozen relations, after Beijing sent a message signalling it is ready to improve ties.

China – Australia’s biggest trading partner – imposed tariffs and disrupted more than a dozen key industries, including wine, barley and coal, as relations deteriorated sharply in the past two years.

Canberra had irked Beijing by calling for an independent probe into the origins of the coronavirus pandemic and by banning telecoms giant Huawei from building Australia’s 5G network.

Treasurer Jim Chalmers said Australia felt the pain of the Chinese trade squeeze, calling for the measures to be lifted “as soon as possible”.

“They are damaging our economy. They are making life harder for some of our employers and workers here in Australia,” he told public broadcaster ABC.

“Obviously, we would like to see those measures lifted. That would be a really great start, when it comes to how we manage what is a really complex relationship, a relationship that has become more complex over time.”

Chinese Premier Li Keqiang sent a congratulatory note to newly elected Prime Minister Anthony Albanese earlier this week, the most significant high-level contact between Beijing and Canberra in at least two years.

Li’s letter said China was ready to work with Australia to “review the past, look into the future” and promote a “comprehensive strategetic partnership”, the state-run Xinhua news agency said Monday.

The prime minister said Australia would respond “appropriately”.

‘Tough on China’

The Chinese message paves the way for dialogue but the outlook is hard to predict, said Elena Collinson, a researcher at the University of Technology Sydney’s Australia-China Relations Institute.

US unveils Asia-Pacific trade framework, but questions remain

“Certainly a reset is not in the offing,” she said.

While Australia is demanding an end to Chinese economic punishment, Canberra’s “tough-on-China” stance may make it harder to agree to concessions Beijing is likely to request, Collinson said.

Australia’s treasurer said Canberra would deal in a “considered, sober, non-partisan way” with China’s “more aggressive and more assertive” stance in the Pacific region.

“The stronger the region is, the more cohesive the region is, the safer it is, the more prosperous it is,” he said.

Australia is worried about Beijing’s growing influence in the Pacific region, including a recent security pact between China and the Solomon Islands.

A leaked draft of the agreement, which has not been made public, includes a section that would allow Chinese naval deployments to the Solomons – less than 2,000 kilometres (1,200 miles) from Australia.

China’s foreign minister, Wang Yi, is set to embark Thursday on a 10-day tour of Pacific island states, including the Solomon Islands, Fiji and Papua New Guinea.

Announcing the trip, the Chinese foreign ministry said it would be “beneficial to the peace, stability and prosperity of the Asia-Pacific region”.

Australia’s prime minister attended a “Quad” summit in Tokyo on Tuesday with the US, Indian and Japanese leaders, who jointly warned against attempts to “change the status quo by force” in the Asia-Pacific region.

The Solomon Islands government severed ties with Taiwan in September 2019 in favour of diplomatic relations with China, a switch that unlocked investment but stoked internal rivalries.

Comments

Comments are closed.

SAMIR SARDANA May 25, 2022 03:14pm
Who will buy Aussie Iron Ore after the Aussie-China Trade War ? Who can use Aussie Coal ? EU is exiting Coal.LATAM.South Am have enough Coal.North America has enough Coal,and US is exiting coal.So we are left with the Indians.The way to sell their spiel to the Indians,is that,the Indians,should keep their black gold in the ground (for some future disaster),and start using Aussie coal via imports (with some discounts in the pricing).dindooohindoo In the alt,Aussie will need to go up the value chain,and partner with power exporters in India (metals and ferro alloy units),to sell them coal,be JV partners in the Ferro Alloy units and then export the ferro alloys. Aussie banks and Aussie PE,can fund the power plants of the ferro alloy units,as an IPP feeding power through the grid.The Ferro Alloys can be funded,by an Indian Bank.
thumb_up Recommended (0)
SAMIR SARDANA May 25, 2022 03:17pm
Who will buy Aussie Agro,after the Aussie-China Trade War ? Here there is some hope,as the growth of affluence in the world,will open new markets and the incremental freight and marketing costs,which will have to be incurred by Aussie,will slowly yield higher NSR,in the target markets.But it will take time Who will buy Aussie Iron Ore ? In the next few years,the iron ore mines of PRC in Africa and other nations,will go live. The only way out for Aussie,is to make Sponge Iron and Steel.If Iron travels from Aussie to Pohang and Nippon and Shangahi,then to a steel mill,which makes steel, then the steel goes to the USA – if all this dead freight,still makes profits for POSCO and Nippon Steel,then exporting steel from Aussie,and to the export markets of PRC/Nippon Steel and POSCO,will be AS VIABLE,if not more viable. If UK and Aussie and USA are really serious about Countering PRC,they should allow Aussie steel imports on the same or lower tarriff,as the Indians.dindooohindoo
thumb_up Recommended (0)