Chinese, Australian chambers sign MOUs to strengthen bilateral trade

Updated 2016-11-22 17:38:04 Xinhua

Twelve Memoranda of Understanding (MOUs) to promote Sino-Australia trade cooperation were inked in Shanghai Monday.

The MOUs, signed between the Australian Business Chamber and 12 different Chinese entities -- two business chambers and 10 importers -- aim to promote mutual exports and bilateral investments.

The MOUs will work as an information sharing platform to expand cooperation and provide trade information for companies from both countries.

A B2B platform will also be set up soon to lower trade costs for domestic and overseas companies, said Han Quanbao, president of China Chamber of Commerce of Foodstuffs and Native Produce (CCCFNA), which also signed the MOU.

Overseas companies eyeing the Chinese market are turning to e-commerce to strengthen their presence.

"We have been preparing for over a year to enter the Chinese market," said Chris Gregory, President of EmuTracks, Australia's largest emu oil producer.

"We are analyzing the needs and purchasing habits of Chinese. Our Chinese official website is also under construction," he said, adding that EmuTracks is planning to join China's major e-commerce platforms to develop its business.

Bilateral trade has been increasing since China's free trade agreement with Australia entered into force late last year.

China is Australia's largest trading partner and Australia is China's seventh-largest trading partner, with two-way trade valued at more than 155 billion Australian dollars (119 billion U.S. dollars) last year, according to the Australian Trade and Investment Commission.

China has also become one of the most popular investment destinations for Australian enterprises.

A survey by the Export Council of Australia in August showed that 70 percent of 913 Australian enterprises polled have direct investments in China, and 12 percent would make China their first overseas destination.

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