Australia believes it can play a role in negotiating US-China trade disagreements under a second Trump administration, as Anthony Albanese confirmed he discussed trade with the incoming president.
Donald Trump’s election has sent ripples through diplomatic circles with concerns that his protectionist, US-first trade policies and import tariffs could steal tens of billions of dollars from the Australian economy.
Australia will promote stronger trade ties and work with international partners on economic growth, the prime minister said before traveling to the Asia-Pacific Economic Cooperation (APEC) conference on Wednesday.
“We are working domestically and with international partners to put downward pressure on inflation and help safeguard Australia’s economy against global challenges,” Mr Albanese said.
Albanese said he remained optimistic about the trade relationship under President Trump, revealing that he and the president-elect discussed trade in their first phone call.
‘I pointed out that Australia has, or the United States, a trade surplus with Australia.
“So it is in the United States’ interest to trade fairly with Australia, but obviously it is also in Australia’s interest. The United States is a major investor here in Australia.
Anthony Albanese said he remained optimistic about the trade relationship under President Trump, revealing that he and the president-elect discussed trade in their first phone call (file image of Mr Albanese)
Last week I met one of the heads of a major American corporation at the Australian Chamber of Commerce and Industry dinner.
“They are considering a multi-million pound investment in Australia that will create jobs here and that is why we welcome constructive investment, because it is about our economy.”
Trump’s election comes as APEC leaders from 21 major economies meet to boost trade relations in the region and promote economic growth.
The forum will include US President Joe Biden and Chinese President Xi Jinping.
The prime minister did not say whether he planned to meet the Chinese leader on the sidelines, but noted that China is Australia’s largest trading partner.
“The strategic competition that exists between the United States and China is something we also face,” Mr. Albanese said.
‘We can play a role as a middle power. Essentially, in Australia, we trust each other, our word matters.”
Peru seeks more consensus among leaders within the non-binding forum after an agreement on green energy, economic inclusion of people with disabilities and reducing food waste.
Trump’s election comes as APEC leaders from 21 major economies meet to boost trade relations in the region and promote economic growth (Trump file image)
Xi is expected to inaugurate a major port built in China and sign an updated free trade agreement with host country Peru that could boost trade by up to 50 percent, Reuters reports.
Peru is also finalizing a trade pact with Hong Kong and negotiating with Thailand and Indonesia.
China has large stakes in major Peruvian mining projects, which Lima wants to diversify by attracting Australian investment with a Peruvian delegation led by the prime minister soliciting interest at a mining conference in Sydney.
Peru had to be careful not to become too dependent on China, which has $25 billion invested in the South American country’s mining and critical minerals sector, Energy Minister Romulo Mucho told AAP.
More than 15,000 police and soldiers have been deployed in Lima, the Peruvian capital, schools have been closed and public servants have been ordered to work remotely as leaders arrive.
A ministerial meeting will be held on Thursday before leaders meet on Friday and Saturday.
Albanese will travel from APEC to the G20 summit in Brazil, where he will speak about Australia being a “major power” in food security due to its agricultural sector, as well as a vital energy supplier.