China seeks to boost economic, trade ties with Australia, New Zealand, Papua New Guinea

BEIJING, Nov. 5 (Xinhua) -- Chinese Vice Premier Li Keqiang, during a recent visit to Australia, New Zealand and Papua New Guinea, reached comprehensive agreements with the three countries' leaders on further enhancing bilateral economic and trade relations, Vice Commerce Minister Yi Xiaozhun said Thursday.

Li's official visit to the three countries from Oct. 29 to Nov. 5 has greatly pushed forward bilateral economic and trade cooperation with the three sides, Yi said in an article published Thursday on the People's Daily newspaper.

PROMOTING BILATERAL ECONOMIC, TRADE TIES

During the visit, Li discussed with the leaders of the three countries means of enhancing bilateral cooperation, fighting the current global financial crisis, rejecting trade and investment protectionism, and maintaining healthy and stable development of economic and trade ties against the backdrop of the global recession, said Yi.

The visit is of far-reaching significance as it has ushered in a new phrase of bilateral economic and trade cooperation with the three countries, he added.

China has always attached great importance to boosting bilateral economic and trade ties with Australia, New Zealand and Papua New Guinea, China's three important economic and trade partners in the south Pacific region.

China signed framework agreements on trade and economic cooperation with Australia in October 2003, and New Zealand in May2004, which guide bilateral cooperation in various fields including economy and trade, investment, technology, agriculture, education and tourism.

New Zealand is the first developed country to sign a free trade agreement (FTA) with China and both sides began to implement the FTA on Oct. 1, 2008. The free trade talks between China and Australia were launched in late 2004.

China also has had fruitful cooperation with Papua New Guinea within the framework of the China-Pacific island countries economic development forum.

According to statistics, bilateral trade between China and Australia, New Zealand and Papua New Guinea respectively reached 59.66 billion U.S. dollars, 4.4 billion dollars and 860 million dollars in 2008, a year-on-year increase of 36.1 percent, 18.9 percent and 26 percent.

China has become the biggest trade partner of Australia and the second biggest partner of New Zealand.

Mutual investment and technology cooperation between China and the three countries have also witnessed great progress in recent years.

Australia's total investment in China reached 6.08 billion dollars as of September. The Australian government said that in the past 18 months, it approved 110 projects invested in Australia by Chinese companies with a total worth of some 40 billion Australian dollars (about 36.3 billion dollars)