Australia is throwing its weight behind China’s efforts to pursue new trade deals in the Asia-Pacific region, amid a growing realisation that the US-led Trans-Pacific Partnership agreement is dead in the wake of Donald Trump’s election victory.
“Any move that reduces barriers to trade and helps us facilitate trade, facilitate exports and drive economic growth and employment is a step in the right direction,” Steven Ciobo, Australia’s trade minister, said on Wednesday.
Mr Ciobo told the Financial Times that Canberra would work to conclude the proposed Regional Comprehensive Economic Partnership agreement — a trade bloc of 16 Asian and Pacific countries that excludes the US. He said Australia would also support a separate proposal, the Free Trade Area of the Asia-Pacific, which Beijing hopes to advance at this week’s Asia Pacific Economic Co-operation summit in Peru.