International Business and Trade Services -
Australia China Trade Relation Overview
The Australian and Chinese economies are highly
complementary to each other. As a result, the
trade and investment relationship is substantial
and has developed well beyond its modest
beginnings. China is currently ranked as
Australia’s third largest trading partner and
Australia as China’s eleventh largest trading
partner.
The Trade and Economic Framework agreement
signed during President Hu Jintao’s visit to
Canberra in 2003 marked a significant milestone
in the bilateral economic relationship. The
Framework includes both parties’ commitments to
further trade facilitation and liberalization;
the promotion of strategic cooperation in a
broad range of key sectors e.g. energy and
mining, agriculture, textiles and clothing,
footwear, and services industries
including education, information technology in
telecommunication, and public health, etc.
Since embarking on the path of market reform in
1978, the structural change and rapid growth in
the Chinese economy have increased the volume
and scope of bilateral trade. In recent years,
there has been a gradually increase in exports
of Australian manufactures such as electronic
equipments and appliances, and telecommunication
equipments.
Australian banks, law firms and insurance
companies have an increasing presence in the
Chinese market. China is Australia’s third
largest source of imports, led by clothing and
footwear. Beside, it is also an important source
of imports for textile products, toy and
sporting goods.
Although textile products, clothing and footwear
hold a dominate position in Australian imports,
Australia is shifting toward to a
diversification in import products. Imports of
higher value-added products are growing
strongly, reflecting China’s increasing strength
in regional and global manufacturing chains for
such products as computers, domestic electronic
appliances, and telecommunication equipments,
etc.
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