Australia’s prime minister Anthony Albanese and Chinese premier Li Qiang have taken significant steps to boost trade relations between their countries at the Annual Leaders’ Meeting in Canberra. Following their discussions, the leaders witnessed the signing of several bilateral arrangements aimed at renewing dialogue and enhancing cooperation between Australia and China.

Australia’s goods and services exports to China have more than doubled since the China-Australia free trade agreement came into effect in 2015. To further strengthen this vital economic relationship, ministers from both nations signed a memorandum of understanding (MoU) to reinforce the agreement’s implementation, the Australian government said in a press release.

In addition to trade, the leaders signed an MoU on the Strategic Economic Dialogue, which will advance discussions on economic policy issues and enhance bilateral economic cooperation.

Climate change was another critical topic, with the leaders welcoming the resumption of cooperation through an updated MoU. This agreement establishes a framework for deepening dialogue on climate issues. Australia is set to host the next Australia-China ministerial dialogue on climate change later this year.

“The agreements reached today are a result of the government’s steady and deliberate approach to our relationship with China. They also reflect the broad range of areas where we can cooperate and work to mutual benefit. Bilateral trade has brought significant benefits to both our countries. China remains our largest trading partner and trade supports one in four Australian jobs,” said Albanese.

Fibre2Fashion News Desk (DP)