Media release

Australian Minister for Trade, Mark Vaile

September 03, 1999

Australia - China Trade and Investment Summit

Trade Minister, Mark Vaile, will deliver the opening address to the Australia-China Trade and Investment Summit, being held in Melbourne on Tuesday, 7 September.

"Coinciding as it does with the historic visit to Australia by His Excellency President Jiang Zemin, the first ever by a Chinese Head of State, this Summit is an important milestone in our bilateral relations," Mr Vaile said.

"The Summit will provide a unique occasion for key business leaders to get together to discuss further economic opportunities with China. Trade linkages between Australia and China have expanded rapidly in the past two decades, but clearly there is potential to do more," Mr Vaile said.

The highlight of the Summit is the keynote address by President Jiang. There is also a Plenary Session with major addresses by leading Australian and Chinese speakers, as well as five separate Executive Sessions focusing on energy and resources, financial and legal services, agri-business, information technology and telecommunications, and infrastructure.

Two-way trade has topped A$10 billion, about 20 times (in constant price terms) the levels of 1972-73, when Australia and China established diplomatic relations. China is now our 5th largest trading partner, accounting for more than 5 per cent of our total trade.

Primary products make up about 60 per cent of Australia's total exports to China. China is Australia's largest market for wool and an important destination for Australian iron ore, copper, alumina, coal, wheat and other food exports. Consumer goods, such as clothing, toys and footwear, which increased by 14.2 per cent in 1998-99, dominate Chinese exports to Australia.

"The Summit provides a wonderful opportunity to explore all possible avenues of commercial cooperation between Australia and China and I hope the participants will take full advantage of this unique occasion," Mr Vaile said.