Australia-China trade ties ‘imperative’ as both sides eye emerging prospects, risks
As geopolitical uncertainty and US tariffs reset global trade relations, both sides ‘have to work together’, Australian business council says
A sense of “renewed optimism” between Australian and Chinese businesses has been fuelling efforts to create an environment where both sides can “live in harmony” and grow economically, according to the head of a leading Australian business association.
However, David Olsson, chairman of the Australia China Business Council (ACBC), also cautioned that while trade relations between the two nations had thawed recently, there was still a possibility that Beijing could reinstate trade barriers, which could affect businesses sharply, as geopolitical uncertainties persisted.
“We want to work with China particularly as the influential power in the region to create that environment in which we can live in harmony, and that we can continue with economic development,” Olsson said.
“This is an important relationship to both of us. It is an important relationship to the Asia region generally because ... we are in one region in the world so we have to work together. That’s an imperative that will bring us together.”
China lifted its last trade bans on Australian exports in December after imposing restrictions in 2020 amid strained bilateral relations. Despite the thaw, uncertainties remain, including simmering tensions over security issues and economic risks from Washington’s tariffs.