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Australia, China to protect globalization
March 23, 2017, 3:41 pm

Chinese Premier Li Keqiang has said that the world’s economic powers cannot afford to close their doors to free trade [Xinhua]

In a testament of growing bilateral ties, Australia and China pledged on Thursday to safeguard globalization and free trade and do away with barriers which might be established as protectionist policies.

“We believe that to resolve trade imbalance we need to continue to expand trade, that is the solution. We cannot close our doors, that is not the solution,” Chinese Premier Li Keqiang said during his visit to the Australian capital Canberra.

“Free trade can only thrive in a peaceful and stable environment, both our countries know this well,” Prime Minister Malcolm Turnbull said.

While this is the first visit by a Chinese Premier to Australia in more than a decade, it comes on the heels of strengthened trade ties between the two countries.

The two leaders are likely to sign a multitude of trade and exchange agreements and move forward in the China-Australia Free Trade Agreement.

In late January, Australia floated the possibility of inviting China to join the Trans-Pacific Partnership (TPP) initiative after the US pulled out.

The TPP was initially an initiative designed by Washington to counter China’s growing economic influence in the region.

Countries which had signed on to the TPP less than a year ago, such as Australia, Brunei, Vietnam, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, Chile and Japan are now wondering what kind of trade relationship will exist with the US.

Last year, Chinese company Landbridge Group, which purchased the 99-year leasing right for the Port of Darwin for $506 million, announced a $25 million expansion of its operations, just months after taking control of the port in Australia’s Northern Territory.

China has also been purchasing large grain farming properties in the wheat belt north of Perth in Western Australia, among other rural areas.

The BRICS Post with inputs from Agencies

3 Responses to Australia, China to protect globalization

  1. Silverbug Reply

    March 27, 2017 at 9:56 pm

    Using the term “Globalization” in no way encompasses the non vetting of immigrants. We are talking Fair trade not Free.

  2. valerie Reply

    March 30, 2017 at 3:02 pm

    Does the TPP still include that damages will be paid (to corporations) by countries for ‘loss of future earnings’ when those countries demand protection and safety for their people?
    Are ‘tribunals’ of corporate lawyers set up to rule over disputes instead of courts of law?
    Is financial gain of international companies the #1 priority?
    Is the TPP still being negotiated in secret by corporate lawyers?
    Is the indefinite extension of patents for pharmaceuticals still part of the deal?
    These are the big issues that made the USA people to doubt that this ‘treaty’ was in THE BEST INTERESTS OF THE COUNTRY and not the Too-BIG-to-Fail-BUSINESSES.

  3. anita Reply

    June 13, 2017 at 10:30 pm

    The issue is wage inequality and wealth inequality. If countries around the world do not see this as a major threat to world peace in itself. and bloody oil and the destabalising effects around it…….well – there is no point in debating, the base line is sharing resources, both natural and renewables based on information via metadata thats just. food, water shelter, education, basically free to some extent, personal freedom, open and transparent world. the new transaction may inventing new technologies itself, be it for any dicipline, humanities, disabled, space exploration, providing equal opportunities, new methods, new sciences, new medicines. new technologies equals to upgrades for each and every region, the world shares the new technological advances is a must. no one misses out. think outside the square. mars, moon, earth. the reward is new technology indefinatley over the next couple of hundred years.

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