Both Labor and the Coalition are vying to position themselves as China's preferred trading partner following the lifting of trade restrictions. The focus on strengthening ties with China highlights a shift in Australia's approach to its largest trading partner.
Labor and the Coalition are vying for the mantle of China's best friend in a post-election landscape, starkly contrasting the COVID era's trade war under former Prime Minister Scott Morrison. Trade Minister Don Farrell has declared his ambition to elevate the trading relationship with Beijing to unprecedented heights. Two-way trade between Australia and China reached a record $327 billion in 2023, and Labor projects this figure to surge to $400 billion by 2025.
Farrell emphasizes the enduring reputation of Australian food and wine in China, highlighting its potential for further growth. He acknowledges the importance of maintaining focus on China while simultaneously diversifying markets.Since the lifting of trade bans in December, 900 tonnes of Australian rock lobster have been exported to China, a sector valued at $700 million annually and supporting 3,000 Australian jobs. Producers like the Ferguson Family in South Australia have witnessed a significant surge in orders for Lunar New Year celebrations in China. Managing Director Andrew Ferguson expresses the profound impact of restoring the trade relationship, highlighting the Chinese market's preference for Australian lobster due to its taste and quality. He emphasizes the stability brought by the restored trade, allowing businesses to plan effectively. While acknowledging the need for diversification, Ferguson stresses the importance of identifying lucrative markets.Even Peter Dutton, previously known for his hawkish stance on China, expresses optimism regarding trade prospects with Beijing under a Coalition government. He asserts that the relationship under a Coalition government would be significantly stronger than under the current Labor administration. Dutton underscores the importance of mutual respect in the relationship and emphasizes the economic benefits of enhancing trade with China, citing its role as Australia's most important trading partner. His comments also reflect the Liberal Party's strategic need to secure key seats in Sydney and Melbourne, where Chinese-Australians constitute a substantial portion of the electorate.
International Relations Trade CHINA AUSTRALIA TRADE POLITICS COALITION LABOR SCOTT MORRISON PETER DUTTON ROCK LOBSTER FREE TRADE AGREEMENT
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