Australian Prime Minister Anthony Albanese plans to travel to China starting this weekend in an attempt to strengthen ties with the country’s largest trading partner, with its top security allies aiming to check Beijing’s presence in Asia.
The Australian leader said on Tuesday he would visit Beijing, Shanghai and Chengdu, the country began on Saturday.
“China is an important trading partner of Australia and we have 25% of our exports to China,” he said in Hobart. “This means work, and the government prioritizes work.”
The delegation will include senior management from the Australian divisions of Macquarie Bank Ltd. and HSBC Holdings Plc, as well as Fortescue Ltd., Bluescope Steel Ltd., Rio Tinto Ltd. and BHP Group Ltd, according to Australian financial comments, which have not been determined.
China’s ambassador to Australia Xiao Gong wrote earlier this week that Beijing is willing to expand the free trade agreement between the two countries to cover artificial intelligence, health care and renewable energy.
The visit comes as U.S. President Donald Trump releases a series of penalties, which is expected to take effect on August 1, banning any bilateral transactions. The pressure aimed at inspiring domestic industries has quarantined allies and trading partners like Australia to form a long-term security partnership with Washington.
Albanes said on Tuesday that Australia continues to negotiate with the Trump administration to reduce tariffs that are in force under 10%, and Washington repeatedly said that this could be the floor for all countries.
Meanwhile, the Albanes government helped thaw its relationship with Beijing, the largest trading partner and customer of raw materials and wine. Albanes said Tuesday that his administration was able to remove barriers and lock down more than $20 billion ($13 billion) of goods.
