China Open For Trade In The Zone
China regards itself as being open for trade, but remains cautious about dealing with developing countries in the Indo-Pacific Asia region, according to a senior commentator at today’s In the Zone event at The University of Western Australia.
In a wide-ranging discussion about the regional architecture of economic growth, Yang Xiyu, Senior Research Fellow at the China Institute of International Affairs, stressed the need for China to be patient. He said China’s participation in the Regional Comprehensive Economic Partnership was due to a decrease in suspicion and a growing recognition of the significant economic benefits and potential for trade growth.
China is not a member of the Trans-Pacific Partnership, however the Chief Executive Officer of Austrade, Mr Bruce Gosper, said China would be welcome when it felt it was ready to join. Mr Gosper said that neither the RCEP nor TPP satisfactorily answered globalisation agendas, but were nonetheless important. He recognised frustration within the business community about the ongoing nature of negotiations. Both the TPP and RCEP are in ongoing negotiations. “My recipe there is to stop making promises,” he said.
Mr Gosper said that outside of the TPP and Free Trade Agreements, there were a number of priorities for trade held by Australian businesses. A survey of 1600 export firms had found that businesses were seeking information about markets, accessing regional and global value chains, importing and ways to invest in foreign markets. The trade session, moderated by Gordon Blake, Chief Executive Officer of the Perth USAsia Centre, highlighted the key challenge for Singapore to slow down its economy in the face of strains on local infrastructure.
Seah Kian Peng, Deputy Speaker of the Parliament of Singapore, said there needed to be a balance between opening up the country for further trade, and ensuring the needs of citizens were addressed.
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