Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Australia's top exporting state calls for reset in China ties

06/15/2021 | 05:26am EDT
Australia's Prime Minister Malcolm Turnbull stands with Chinese Premier Li Keqiang during an official signing ceremony at Parliament House in Canberra, Australia

MELBOURNE (Reuters) -Australia's biggest exporting state on Tuesday urged Canberra to stop antagonising China, the country's top trade partner, in remarks that came amid escalating criticism of Beijing led by the United States, Australia's main ally.

"This isn't about kowtowing to other countries and giving in," Western Australian Premier Mark McGowan said at Australia's biggest oil and gas industry conference, being held in Perth. "There needs to be a national reset in that relationship."

Ties with China worsened last year when Australia called for an independent investigation into the origins of the novel coronavirus, which sparked trade reprisals from China, hitting Australian goods ranging from barley and coal to lobster and wine.

Relations had already soured after Australia banned Chinese tech giant Huawei from the country's 5G network in 2018.

Beseeching the federal government to stop talk of conflict and trade retaliation, McGowan asked: "How is it in our interests to be reckless with trading relationships that fund and drive our prosperity and our nation forward?"

McGowan's comments came two days after Group of Seven leaders meeting in Britain chided China over a wide range of issues, sparking an angry response from Beijing. Attending the G7 meeting as a guest, Australian Prime Minister Scott Morrison met with U.S. President Joe Biden and British Prime Minister Boris Johnson to discuss Indo-Pacific security.

Western Australia's top exports, iron ore and liquefied natural gas (LNG), have so far escaped China's trade reprisals, with China heavily dependent on Australia's iron ore for its steel industry and increasingly reliant on gas for power generation as it looks to cut emissions from coal.

Woodside Petroleum, one of Australia's biggest LNG exporters, said the political dispute has not affected its LNG sales or its relationships with Chinese shipyards that are building a production platform for the company's Senegal oil project.

"There's political tension that's coming to bear in certain elements of trade, but for our product and business relationships that we have we're not seeing any spillover," Woodside's acting chief executive Meg O'Neill told reporters on the sidelines of the APPEA conference.

Western Australia exported A$104 billion ($80 billion) worth of goods to China in 2020, making up 71% of Australia's goods exports to China.

($1 = 1.2990 Australian dollars)

(Reporting by Sonali Paul; Editing by Simon Cameron-Moore and Emelia Sithole-Matarise)

By Sonali Paul


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.60% 79.35 Delayed Quote.49.38%
WTI 0.45% 75.209 Delayed Quote.52.07%
Latest news "Economy & Forex"
05:35pUK's Labour would target online firms to help high street retailers
RE
04:32pNEW ZEALAND INLAND REVENUE : Income tax return credit transfer requests not being completed
PU
04:25pBP says nearly a third of its UK fuel stations running on empty
RE
03:51pCanada foreign minister says eyes wide open when it comes to normalizing China ties
RE
03:43pBritish PM to consider using army to supply fuel stations - Guardian
RE
03:22pU.s. cdc says delivered 471,814,235 doses of covid-19 vaccine as of sept 26
RE
03:21pU.s. cdc says 2.66 mln people received an additional covid-19 vaccine dose since august 13, 2021
RE
03:21pU.s. cdc says administered 390,114,328 doses of covid-19 vaccine as of sept 26 vs 389,372,689 doses administered as of sept 25
RE
03:20pU.s. cdc says 213,456,787 individuals have received at least one dose of covid-19 vaccine as of sept 26 vs 213,177,462 individuals as of sept 25
RE
03:19pU.s. cdc says 183,670,870 individuals have been fully vaccinated against covid-19 as of sept 26 vs 183,353,326 individuals as of sept 25
RE
Latest news "Economy & Forex"