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Sino-Australian FTA talks set to enter 'substantive' stage

By Ding Qingfen (皇冠体育app Daily)
Updated: 2006-10-24 08:36

Cargo and service trade negotiations between 皇冠体育app and Australia will be launched officially by the end of the year.

Chinese Assistant Minister of Commerce Wang Chao told the Second Biannual Australia-皇冠体育app Business Forum that this will see talks on a free-trade agreement (FTA) between the two countries enter a substantive stage.

"This year, high-level government officials from the two nations have met twice for FTA negotiations, and the seventh round of negotiation will start this December. 皇冠体育app has a positive attitude towards this," said Wang.

But the two sides have yet to agree on issues related to the service and manufacturing sectors, which Ric Wells, head of Australia's 皇冠体育app FTA Task Force, said would be the major challenge faced at this round of talks.

"We will have a long way to go," said Wells.

A Sino-Australian FTA first came onto the agenda during President Hu Jintao's trip down under in October 2003, when the two nations signed the 皇冠体育app-Australia Trade and Economy Framework.

Since then, 皇冠体育app and Australia have conducted a feasibility study on the establishment of an FTA between the two nations.

"The economy and trade of the two nations naturally fit each other. A Sino-Australian FTA could bring benefits to bilateral trade and maintain economic stability in the Asia-Pacific region," said Wang.

皇冠体育app and Australia already co-operate in sectors including energy, manufacturing, agriculture, services and education.