by Alexis Hooi, Matt Burgess
SYDNEY, Nov. 21 (Xinhua) -- Trade and investment are two pillars of China-Australia ties, which in turn support the development of an increasingly open economy so that the relationship continues to be mutually beneficial, Australian officials and analysts said.
"China and Australia are located in the most exciting, fast-growing part of the global economy. We work with China and other regional economies to support ongoing growth and development," Australian Trade, Tourism and Investment Minister Steven Ciobo told Xinhua in response to email questions earlier this month.
Mechanisms such as the concept of a Free Trade Area of the Asia-Pacific(FTAAP), an instrument to further the regional economic integration agenda of the Asia-Pacific Economic Cooperation (APEC) free trade forum, can help create a "seamless trading environment and facilitate access for our exporters and suppliers to global value chains," the minister said.
These moves are in line with the goals of the just-concluded APEC summit held in Lima, Peru's capital, with the focus on further promoting free trade and globalization.
At the forum's 2016 summit, Chinese President Xi Jinping called on the APEC economies to stay committed to taking economic globalization forward, increasing openness in the Asia-Pacific economy, breaking bottlenecks in regional connectivity and blazing new trails in reform and innovation.
On the building of an FTAAP, which was launched at the 2014 APEC meeting in Beijing, Xi hailed the smooth completion of the collective strategic study this year, saying it marked a new phase in FTAAP development.
Read the full story at Xinhua