In the decade following the enactment of the China-Australia Free Trade Agreement (ChAFTA), Australian trade dynamics with China have shifted, as examined in a report by the Australia-China Relations Institute at the University of Technology, Sydney. The trade value escalated from A$144.8 billion ($93.4 billion) to A$325.5 billion, marking a 124.8 per cent rise, notably higher than the 76.5 per cent increase with other global partners.
Andrew Robb, who signed the agreement as Australia's trade and investment minister, reflected on the collaboration behind the deal, stating, "There were lots of different people who had a passion, who had a vision, and they wanted to make it happen." Speaking at a Sydney event commemorating ChAFTA's tenth anniversary, Robb noted, "They saw the benefit of two countries coming together in a more meaningful and powerful way."
The report underscores the Chinese market's exceptional performance across exports and imports, asserting that ChAFTA has predominantly benefited Australia. "The overall assessment is that ChAFTA has been overwhelmingly in Australia's national interest," noted James Laurenceson, the Institute's director and the report's author.
However, despite the growth attributable to ChAFTA, challenges such as de-globalization and protectionism remain on the horizon, as per Robb's analysis. The trajectory of this agreement continues to navigate the global economic landscape amidst these evolving factors.
Source: China Daily