Australia Looks to Repair China Relationship After Huawei Spat
(Bloomberg) -- Australia is seeking to repair its relationship with its largest trading partner, China, following a deterioration in ties after it banned Huawei Technologies Co. from bidding for 5G contracts and the introduction of anti-foreign interference laws aimed at Beijing.
Prime Minister Scott Morrison's government on Friday announced the formation of the National Foundation for Australia-China Relations, which will use the private sector, industry lobby groups, and non-government and cultural organizations to “turbo-charge our national effort in engaging China.”
Australia has been increasingly concerned the conflict with China is impacting trade. Coal imports into the nation are taking longer than normal, with Glencore Plc last month blaming tensions between the nations. Australian beef and wine exporters last year said political friction had caused their products to be held up at Chinese ports, after then-Prime Minister Malcolm Turnbull implicitly criticized Chinese meddling in Australian politics and universities.
“We have different perspectives on some important issues and the new foundation will encourage and enable considerable constructive discourse and engagement between our two countries,” Foreign Affairs Minister Marise Payne said in the statement.
The announcement came on the same day the nation welcomed a new ambassador to China who may also help Morrison reset relations. Graham Fletcher, whom the Australian newspaper describes as a fluent Mandarin speaker with three previous postings to Beijing, will take the prized post.
Australia isn't alone in pondering how to respond to a trade-driven backlash by China. Beijing is choking off canola sales from Canada after Huawei Chief Financial Officer Meng Wanzhou was arrested there in response to a U.S. extradition request.
To contact the reporter on this story: Jason Scott in Canberra at jscott14@bloomberg.net
To contact the editors responsible for this story: Ruth Pollard at rpollard2@bloomberg.net, Colin Keatinge, Jon Herskovitz
©2019 Bloomberg L.P.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.