Australia and China have committed to enhancing cooperation in the areas of investment, trade, and decarbonization, according to an announcement by Australian Treasurer Jim Chalmers on Friday during his visit to China.
Chalmers stated at a news conference in Beijing that Australia will host Chinese counterparts next year to further discussions on topics such as trade, investment, industrial decarbonization, and business engagement. His visit marks the first time an Australian treasurer has visited China in seven years.
Relations between Australia and China had deteriorated after Australia accused China of political interference in 2017. Tensions escalated further in 2020 when Australia called for an investigation into the origins of COVID-19, leading to China’s imposition of trade restrictions on various Australian imports.
However, China has lifted almost all of these trade barriers following diplomatic efforts by Australia’s Labour government, which came into power in 2022.