On November 5, the parallel session “Forum on the 10th Anniversary of the Implementation of China-Australia Free Trade Agreement (ChAFTA)” of the 8th Hongqiao International Economic Forum was held in Shanghai. The forum on the ChAFTA reviewed the 10-year implementation progress of the Agreement and looked ahead to its future development.

The 10th Anniversary of the Implementation of ChAFTA

Han Yong, Director General of the Department of WTO Affairs of the Ministry of Commerce of China, stated in his opening remarks that over the past decade, the ChAFTA has served as an important engine in delivering fruitful outcomes in the bilateral economic and trade cooperation. The trade scale between the two countries has been continuously expanding, investment cooperation has delivered remarkable results, and the cooperation in the industrial and supply chains has become increasingly closer. China is ready to share the new opportunities of Chinese modernization with Australia and jointly uphold multilateralism and free trade. China is also willing to work with Australia to amplify the positive effects of the ChAFTA, with a view to further enhancing the level of trade and investment liberalization and facilitation and providing institutional safeguard for the development of bilateral economic and trade relations at an elevated level.

Han Yong, Director General of the Department of WTO Affairs, Ministry of Commerce of China

During the keynote speech session, Paul Grimes, Chief Executive Officer of the Australian Trade and Investment Commission (Austrade), noted that the ChAFTA marks a significant milestone in China-Australia relations. The truly mutually beneficial relationship established between Australia and China has boosted economic growth and created jobs in both countries. Australia will work with China to undertake the review of the ChAFTA, ensuring the Agreement continues to deliver for the businesses and consumers in the next ten years.

Paul Grimes, CEO, Australian Trade and Investment Commission

Yi Xiaozhun, former Vice Minister of Commerce of China, emphasized that the ChAFTA has greatly promoted cooperation between the two countries at the regional and multilateral levels. Andrew Robb, former Minister for Trade, Investment and Tourism of Australia, stated that making ChAFTA even stronger takes a stand against the destructive approach of protectionism.

Session 1: Sustainable development of energy and mineral trade, innovative role and function of green technology under the framework of ChAFTA

Wang Xinkui, Chairman of the Shanghai WTO Affairs Consultation Center, pointed out that the ChAFTA will be a new starting point for the sustainable development of China-Australia trade and investment relations during the period of economic globalization turbulence and transformation. Vaughn Barber, Chair of the China–Australia Chamber of Commerce (AustCham China), suggested that the next decade of the ChAFTA must focus on "joint capability", and promote bilateral economic and trade cooperation to move beyond the traditional “rocks and crops” model to a new era of strategic, technology-led co-development.

Session 2: Current situation and future of trade in services and digital economy under the framework of ChAFTA

The forum on the ChAFTA held thematic discussions on topics including the sustainable development of energy and mineral trade, the innovative role and function of green technology, the current situation and future of trade in services, digital economy, and trade of agri-food products under the framework of the ChAFTA. Local government official from Australia, relevant experts, scholars, representatives from chambers and associations and enterprises of both countries shared their views.

Session 3: Current situation and future of agri-food trade between China and Australia under the framework of ChAFTA

The Forum on the ChAFTA was hosted by the Ministry of Commerce of China, organized by the China Chamber of Commerce of I/E of Foodstuffs, Native Produce and Animal By-Products (CFNA), and supported by the AustCham China. Nearly 200 participants, including Chinese and Australian businessmen, scholars and local government officials attend the forum.