Trilateral Trade Agreement Australia

The future of trade? Potential founding members of the Supply Chain Resilience Initiative (SCRI) in blue, plus ASEAN members in red. Image: Supplied.Source:China`s trade war with the United States has also allowed a change in rhetoric towards Australia, trying to avoid new enemies. On Thursday, Wang repeatedly stressed Australia`s and China`s common interest in free trade. Australia and India are wasting no time either, with Canberra and New Delhi agreeing earlier this year to diversify their supply chains together. At an online meeting, Indian Trade and Industry Minister Piyush Goyal, along with his Japanese and Australian counterparts Hiroshi Kajiyama and Simon Birmingham, spoke of the need for a free, fair and predictable trading environment and called on like-minded nations in the region. In a joint statement, the ministers said they had ordered officials to prepare details of a launch before the end of the year. For well over a decade, the federal governments of both major parties have insisted that Australia could continue to maintain the tight line between its security relations with the United States and its strong trade relations with China. Development is being done in the midst of an escalation of Sino-American tensions, a standoff on the Sino-Indian border and the COVID-19 pandemic. Many countries that depend on China for trade have suffered from supply disruptions, underscores the need for diversification. Recently, trade ministers from Australia, Japan and India agreed to develop a supply chain resilience program for the Indo-Pacific region. The announcement, which followed a video conference between Australia`s Simon Birmingham, Japan`s Kajiyama Hiroshi and India`s Piyush Goyalin in early September, came amid growing recognition in the three nations of the dangers of over-reliance on China.

While the details of the initiative are not yet clear, the three countries have instructed their respective bureaucracies to look for ways to develop an initiative that would strengthen alternative supply chains to counter China`s control over trade in vital supplies. The initiative is expected to be launched next year. It is an inclusive initiative and the three countries want to extend it to Southeast Asia. A delegation of 150 Australian exporters travelled to Shanghai this week to meet xi`s signing show. Beijing has indicated that it is interested in improving relations with other trading partners as Washington begins a trade war with China. As Australia`s trade relationship with Beijing continues to deteriorate, Canberra is increasingly seeking to reduce its heavy economic dependence on exports to China.

Posted April 13th, 2021 in Uncategorized.

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