Australia and China have agreed to fast-track their scoping study on a possible free trade agreement (FTA). The agreement followed a meeting between Australian Trade Minister Mark Vaile and his Chinese counterpart Bo Xilai in Beijing on Tuesday.
“Minister Bo and I agreed to fast-track completion of the FTA study to allow both Governments to make an early decision on future FTA negotiations” Vaile said.
As part of that decision, Australia would also bring forward its study on China’s market economy status. The trade and economic framework signed by Australia and China in October last year recognized that Australia and China could only negotiate an FTA on “an equal basis”. It was also agreed that a joint decision to begin negotiations would “only follow Australia’s formal recognition of China’s full market economy status”.
“China’s opening to the world and its emergence as a major growing industrial power is one of the most significant and positive global developments of the past 25 years. Australia is well placed to assist China in this economic growth now and into the future” Vaile said.