China, Australia agree to promote trade liberalization and facilitation

Chinese Premier Li Keqiang delivers a keynote speech at the Australia-China Economic and Trade Cooperation Forum in Sydney, Australia on Friday, March 24, 2017. Premier Li says the prosperous economic and trade relations between China and Australia are thanks to free trade and the two countries will continue to develop new trade fields. [Photo: gov.cn]

China and Australia have agreed to further promote trade facilitation and liberalization, as leaders from both countries attended the China-Australia Cooperation on Economy and Trade Forum held in Sydney on Friday.

Visiting Chinese Premier Li Keqiang said globalization and free trade have contributed to human development and prosperity.

"Thanks to globalization and trade liberalization, people have more choices available and all countries can bring out their own comparative advantages. Although people may confront all sorts of obstacles during the process, their wisdom and ability can help bring them useful solutions. What we need to do now is to cement our confidence," said Li Keqiang.

On Friday, China and Australia signed new deals to expand their bilateral free trade agreement.

According to one of the deals, China agreed to remove the restriction on beef imports from Australia, allowing all eligible frozen beef businesses in the Oceanic country to enter China's market.

Australia is the first country to be granted such market access.

Premier Li Keqiang and his Australian counterpart Malcolm Turnbull oversaw the signing of the new bilateral agreements.

The two leaders have also witnessed the signing of a Memorandum of Understanding in connection with a possible 4.6-billion-U.S.-dollar investment project sponsored by a Chinese state-owned construction firm.

Premier Li Keqiang has commented on the benefits of the new deals:

"At the same time we're exploring new areas. We want to take our trade to greater prosperity, and through this prosperity brought by our FTA we want to show to our region and the world that free trade will deliver benefits to all human beings," said Li Keqiang.

Australian Prime Minister Malcolm Turnbull said trade protectionism could only dig the low-growth trap deeper rather than deliver solutions, and that both countries are ready to work together to further open markets to each other.

"Now, we know that the cooperation between China and Australia showcases to the region and the world our determination to defend trade liberalization and advocate the benefits of free trade. But we must, as (Chinese) President Xi (Jinping) has reminded us - Hangzhou last year and Davos this year (World Economic Forum) - we have to make the case for trade. That is why we have to remind our communities that trade create jobs. It enables businesses to do more, to export more, to invest more. All of that opens up enormous opportunities," said Turnbull.

He also praised China's economic progress to highlight the importance of trade

"Our dynamic economic partnership has proved that trade and investment liberalization is the clear path to economic security and prosperity. Over the past 30 years, as Australia and China both undertook reforms to open our economies to the global markets, our living standards have risen, and in China, of course, the transformation is probably the most dramatic economic progress in the history of the world. Hundreds of millions of people were lifted out of poverty in a generation. Liberalization has driven productivities, created jobs, raised incomes and enlarged prices," said Turnbull.

China is Australia's largest trading partner. A free trade agreement between the two countries took effect in December 2015.

During his time in Sydney, the second leg of his ongoing official visit to Australia, Premier Li also attended the 6th Australia-China CEO roundtable meeting and the 2nd Australia-China State/Provincial Leaders Forum.

The Chinese Premier has called on more Australian states and territories to strengthen exchanges and cooperation with China's central and western regions, so as to benefit from China's development drive of the western region.

He is set to pay a visit New Zealand after wrapping up his tour to Australia.