Australia and China to Push for a New Trade Bloc
China has singled out Australia as a key partner in a renewed push for a regional free trade pact. Initially put forward by Washington ten years ago, the idea of a Free Trade Area of the Asia Pacific (FTAAP) has now become a core project of Beijing's agenda, and Australia is set to play a major role in advancing the deal.
"The ambition to negotiate the FTAAP is the right strategic response to uncertainties in the international trading environment posed by the failure to deliver TPP, the election of Donald Trump and Brexit in Europe," said Peter Drysdale from the East Asian Bureau of Economic Research at the Australian National University.
According to China's Foreign Ministry, the completion of FTAAP is expected to generate gains of US $2 billion for Asia-Pacific countries by 2025.
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