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According to the latest report of Australian Finance and Economics on January 23, Australia’s new trade minister, Dan Tai Han (Dan Tehan) tried to restart the communication channel with China again. He stated that he has sent a letter to China stating his strong willingness to engage with China on multiple issues, hoping to end related trade disputes as soon as possible and save the local precarious eight export industries, including coal and wine.
It is reported that Australia, who had nothing to do, went to the World Trade Organization (WTO) file an appeal. At the end of last year, several Australian ministers, including the former Minister of Trade Birmingham, also sent out a”seek peace” signal to China four times in a row. Now, the country’s Ministry of Trade has once again sent a letter to China after the change of command. This is the fifth time Australia has “seeked peace” with China.
You should know that if you don’t”seek peace” with China, you will lose the biggest buyer Australia’s export economy will face a catastrophe. According to modeling data from Australian economists, if Sino-Australian trade decreases by 95%, Australia’s GDP will lose 6%. In 2019, the country’s GDP totaled US$1.4 trillion, As a result, Australia will lose US$84 billion (approximately RMB 543.6 billion).
According to incomplete statistics, as of now, Australia has more than 200 100 million Australian dollars (about 100 billion yuan) business has or is facing the dilemma of completely losing the Chinese market. On November 27 last year, Australian media pointed out that because no new buyers could be found, more than 80 cargo ships full of Australian coal were still stranded in China Port, valued at over 1.1 billion Australian dollars (about 5.3 billion yuan).
Australia’s new Minister of Trade Tayhan emphasized that Australia is worth more than 5.3 billion yuan Coal is still unable to successfully export. The country hopes that China will speed up the customs clearance of Australian coal and normalize the country’s coal exports as soon as possible. Public information shows that coal is Australia’s second largest source of export income, and China is its second largest buyer.
It is worth mentioning that Australia also wants to find an alternative market comparable to China. According to Corinna consulting firm Saul Eslake on January 7, Japan, the United Kingdom, 10 ASEAN countries, and the 27 EU countries may all become Australia’s future Hope of cooperation. However, the 39 countries that Australia wants to cooperate with also want to catch China’s economic express train, so how can they take care of Australia.
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