Palmer urges govt to institute free trade with China
PERTH (miningweekly.com) - Mining magnate Clive Palmer has called on the Australian government to establish a free trade agreement (FTA) with China, saying it was crucial for the future prosperity and economic recovery of Australia.
Palmer said Australia had world-class resources and was ideally situated geographically to gain a significant competitive advantage in the marketplace with China.
“The Chinese have a great ability to value-add upstream as a result of their technical capabilities and then export finished products to other global markets. The two countries can form an ideal partnership.
“Australia’s resources and China's ability to value-add would mean stronger economic prosperity for both countries,’’ Palmer said.
He criticised Prime Minister Julia Gillard for taking too long in finalising a bilateral FTA, which had been in negotiations since 2005.
“Part of the problem with the Australian economy is that there has not been enough foresight from our leaders to act on the opportunity.
“It’s time the Australian Government provided leadership and formulated an FTA for the benefit of its people.”
The Bureau of Resources and Energy Economics has previously reported that the real value of Australian exports of mineral resources to China increased from A$0.2-billion in 1989/90 to A$49.9-billion in 2010/11. In volume terms, China accounted for around 69% of Australian total exports of iron-ore in 2010/11, compared to around 6% in 1989/90.
Over the period 1989/90 to 2010/11, China’s share of Australian total exports of metallurgical coal increased from 1% to around 11%, while its share of Australian thermal coal increased from 0.1% to around 12%.
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