Australia, China trade ministers hold talks as relations thaw

Bloomberg

China and Australia’s top trade officials have met for the first time since 2019, in the latest sign of warming diplomatic relations between the two countries.
Commerce Minister Wang Wentao and Trade Minister Don Farrell held virtual talks on Monday for more than 90 minutes, according to an Australian government statement that confirms a report by Bloomberg News. Both sides agreed to “enhance dialogue” with the aim of ensuring “the timely and full resumption of trade,” the statement said.
During the talks, Farrell accepted an invitation from his Chinese counterpart to visit Beijing in the near future for further discussions, saying in a statement that the meeting “represents another important step in the stabilization of Australia’s relations with China.”
Farrell previously said he would be using the call with Wang to discuss the ongoing sanctions against Australian exports including wine, barley and lobsters.
China is willing to restart communications on trade and economic affairs with Australia, Wang told Farrell on the call, according to a statement from the Chinese Commerce Ministry released Monday afternoon. The two had candid and pragmatic talks, it said, adding that Wang called the meeting an important step to get economic and trade relations back on the right track.

Sanctions
Beijing imposed trade sanctions on a range of Australian exports in 2020, following a call by then-Prime Minister Scott Morrison for an international investigation into the origins of Covid-19. The Australian side had downplayed the likelihood of an imminent removal of restrictions following Monday’s bilateral meeting, but relations have steadily improved between Canberra and Beijing since the May election of Australia’s center-left Labor government.
Prime Minister Anthony Albanese met Chinese leader Xi Jinping on the sidelines of the November Group of 20 meeting in Bali, Indonesia, and talks have already taken place between the countries’ top defense and foreign affairs officials. There have been other signs of trade relations thawing this year, with reports of Chinese companies restarting imports of Australian coal.
Bulk carrier Magic Eclipse is due to arrive in China on February 8 carrying a shipment of Australian metallurgical coal, while three other coal vessels have left Newcastle near Sydney destined for China’s ports, according to vessel data analyzed by Bloomberg.