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MoUs, agreements signed between China, Australia

news.xinhuanet.com by Xinhua11/09/2017  

The Australian Business Chamber signed an agreement with the Hangzhou Wine Association on Friday on trade and investment.

Four Australian exporters in different industries also signed Memoranda of Understanding with Chinese partners on Friday. Among them, eco-friendly botanical cleaning producer Koala Eco will soon be launched on shopping website NetEase Koala. Mineral water from Go Fresh International and wine from Swan Wine Group will also enter the Chinese market.

Wine has been one of the fastest growing areas since the China-Australia Free Trade Agreement came into effect in late 2015. Australian wine exports to China increased 44 percent in 2016.

Tax breaks also led to more Australian fruit, seafood, dairy products and beef coming to China. Total trade between China and Australia reached 155 billion Australian dollars in 2016, 23.1 percent of Australia's total foreign trade.

According Niall Blair, trade minister of New South Wales, some Chinese companies have gone to Australia to invest in farms, where they produce fruit such as oranges and apples and which they ship back to China.

Paula Martin, general manager of the Australian Business Chamber, said that 158 export businesses from Australia has undertaken 304 projects since the chamber launched the "Export Growth to China" program and more than 100 Australian companies have worked with Chinese companies on orders worth more than 7 million Australian dollars.

China has been Australia's largest export destination and import source since 2009.