Chinese, Australian commerce ministers confident about reaching FTA

Commerce ministers of China and Australia have expressed confidence that the two countries could reach a free trade agreement (FTA).

It was agreed on the 11th meeting of the joint ministerial economic commission here Tuesday that the negotiations on market access for the trade of goods and services will begin in December.

Visiting Chinese Minister of Commerce Bo Xilai and his Australian counterpart Warren Truss presided over the meeting to discuss China-Australia trade ties and the on-going FTA negotiations.

Truss said the two economies are highly complimentary with Australia having advantages in raw material, agriculture and services, while China in manufacturing, human resources and market.

The proposed FTA will be good for the two sides to elaborate these advantages and further promote the constructive and win-win cooperation, Truss said.

Bo said China-Australia two-way trade volume surged to 27.3 billion U.S. dollars in 2005, doubling the size of 2003 and pushing the trade level between the two countries to the highest in history.

He said the progress made in the past six round of FTA negotiations have deepened the two sides' understanding on each other's concerns.

Bo also tried to dispel Australia's concern that its manufacturing industry might be affected by the proposed FTA.

Bo and Truss also held separate talks with business leaders from the two countries Tuesday.

Source: Xinhua