According to a report, the Labor Party is willing to discuss concessions with China to secure Australia a free-trade deal with the country, which has Asia’s biggest economy.
The Australian has reported new Trade Minister Richard Marles, who is about to head to China, is going to take a fresh look at the possible deal.
Under former Prime Minister Julia Gillard, the Labor Party tried to sign a scaled-back agricultural FTA with China and refused to consider changes to Chinese investment access.
“To make progress we do have to look at the positions that both sides have taken in a pragmatic way,” Marles told the newspaper.
“If we were able to make progress on an FTA with China that would be a very significant contribution to the Australian economy given how important providing goods and services to the growing Chinese middle class is going to be for the future of the Australian economy and future prosperity in Australia.”
Two-way trade between Australian and China was worth $128 billion in 2011-12 according to Austrade data.
There is more at The Australian.
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