At the recent APEC trade ministers meeting in Chile, Minister of Commerce Bo Xilai told Australian Trade Minister Mark Vaile that only after Australia gives full recognition to China's market economy status (MES) will there be a breakthrough in the bilateral free trade agreement (FTA). He said that he hopes that Australia will grasp the opportunities and create the necessary conditions for Sino-Australian FTA negotiation.

He added that China's study on FTA feasibility was under way and significant progress on it is expected within this year.

Vaile said that Australia will abide by the bilateral framework agreement to resolve the issue of China's MES. That agreement was clinched during President Hu Jintao's visit to Canberra last October.

The recognition of China's market economy status is one of the core problems in bilateral negotiations. Vaile said recently that China had been moving toward the market economy status since joining the WTO nearly three years ago, and that most of its industries had undergone market-oriented reform.

(China.org.cn by Tang Fuchun June 21, 2004)

Your Comment      View All Comments