Beijing: Australia's Trade Minister Don Farrell on Monday called for the "resumption of uninterrupted trade" with China, following a landmark meeting with his Chinese counterpart. Analysts believe the move will help improve bilateral ties after three years of turmoil.

As Chinese and Australian trade ministers met for the first time since 2019, Farrell called the virtual meeting with Wang Wentao "another important step in the stabilization of Australia's relations with China".

Analysts expect Monday's talks to signal a gradual but steady improvement in trade ties as Farrell said he has also accepted a request to visit Beijing "in the near future".

Also Read: How can BTC make a Great Impact on the Economy of Guinea?

Amid expectations that China could lift various import restrictions and bans on Australian products including lobster, barley and wine, the Chinese Ministry of Commerce affirmed "professional, practical and frank exchanges" on handling key trade concerns and developing ties.

Who wouldn't wish that today's disruptive stressors would disappear?
Monday's discussions followed President Xi Jinping and Australian Prime Minister Anthony Albanese meeting in November and the first visit by an Australian foreign minister to China since December 2018.

They were due this week. The Post reported last week that Albanese was expected to travel to Beijing later this year to open the door to virtual trade talks.

The 2020 coronavirus outbreak led to Canberra requesting an investigation without first consulting Beijing, and China responded by imposing a number of trade restrictions and import tariffs. This caused tension in the relations.

China is said to have already relaxed its informal ban on Australian coal imports, after Chinese buyers reportedly received the coal in February.

The Post reported last week that Australian lobsters would also be allowed to legally re-enter the Chinese market in March, citing sources who attended a private meeting with the Australian prime minister.

Also Read:  RBI likely to settle for 25-bps repo rate hike: Experts

Last month, Chinese ambassador Xiao Qian said Australian and Chinese negotiators were also talking about whether Australia could withdraw and settle its complaints at the World Trade Organization regarding Chinese tariffs on wine and barley .

The United States' pursuit of closer "security" ties in the Asia-Pacific region, as well as Washington's interference in China's "internal affairs" such as the future of Taiwan, left trade relations between the two countries to return to the former. Needed According to Professor Wang Yong of Peking University's School of International Studies -2020 level.

According to Wang Yong, the gradual restoration of normal trade relations is in the best interests of both sides. "I believe pre-2020 levels are achievable, but both sides should focus on a more difficult issue, namely the role of the US."

According to the Australian Department of Foreign Affairs and Trade, China is Australia's largest two-way trading partner in goods and services, making up a third of the country's international trade.

According to the department, two-way trade with China was conducted at $267 billion (US$185 billion) in 2020-21, up 6.3% over the previous year.

A range of trade and investment issues were discussed on Monday, according to an Australian statement, including "the need for Australian exporters to resume uninterrupted trade so that Chinese consumers continue to benefit from high-quality Australian products." "

For access to Australian lithium, which is used in batteries used in electric vehicles, Chinese importers want things to go back to normal, Orr continued.

Australia already has the amount that China needs, so it has no choice but to rely on Australia if it wants to maintain its manufacturing sector, he said.

According to Farrell, the ministers decided to intensify communication as a means of restarting trade. They also decided to consider working together to address climate change and provide support for business delegations.

Australia is now looking forward to welcoming Chinese tourists and students back to its shores as the border with China opens, as we did in 2019 with over 1.4 million Chinese visitors," Farrell continued.

According to Carl Thayer, a retired professor of politics at the University of New South Wales in Australia, the number of students entering the country is already on the rise, which is good news for landlords of rental housing near colleges and universities.

He said iron ore sales were also on the rise, with China representing 80% of Australia's exports of the resource in the long term.

Expectations have always been moderated in Australia, he said. Chinese officials said in a statement that the meeting was "an important step for us to push bilateral economic and trade relations back to normal track" at a time when they were "facing a crucial period of a window of opportunity."

Also Read:  PMI: Strong orders help Saudi Arabia's non-oil companies grow rapidly

The statement also stated that China was ready to expand its cooperation in the emerging fields of climate change, new energy, and other emerging industries.

However, the Australian government's "tightening security scrutiny on Chinese investment in Australia" worried the ministry of commerce. It continued by expressing the hope that Australia will handle the cases appropriately in order to provide a fair, transparent, and non-discriminatory business environment for Chinese companies.