With the coming-into-force of the China-Australia Free Trade Agreement (ChAFTA), there's been robust growth in the bilateral trade of agricultural products, services and two-way investment following a mining boom over the past decade.
Against the backdrop of global economic uncertainties, cooperation between China and Australia -- both advocates and driving forces for free trade in the Asia-Pacific -- is expected to inject fresh energy not only into globalization but also regional integration.
As the two Asian countries face industrial restructuring, with Australia pursuing diversification and China transforming to consumer-led growth, their cooperation has expanded to wider fields rather than largely mining resources.
In recent years, China's investment in Australia has increased rapidly, becoming the top investor in the country. Areas such as finance, services, agriculture and infrastructure have turned into new growth points of cooperation between the two countries.
Since taking effect on Dec.20, 2015, ChAFTA immediately brought down tariffs for Australian beef, wine, fruits and other products, and both countries have thrived from the growth in two-way trade.
In 2016, bilateral trade reached 103.5 billion U.S. dollars, with China becoming Australia's largest trading partner for eight consecutive years, while Australia has become China's eighth largest trading partner.
Australia's dairy and health supplement industries have thrived, with both exhibiting a 70 percent growth in exports to China since the free trade agreement was put in place.
Services have witnessed the greatest change in two-way trade, rising 20 percent in the 2015-2016 fiscal year.
Moreover, Northern Australia is actively seeking to become a part of China's Belt and Road Initiative in a bid to develop the region.
The Belt and Road Initiative -- the Silk Road Economic Belt and the 21st-Century Maritime Silk Road -- put forward by Chinese President Xi Jinping in 2013, aims to build a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes.
The vision for developing Northern Australia is an ambitious plan to be rolled out over the next 20 years. The area accounts for 40 percent of the country's landmass but is sparsely-populated.
The former Australian government has said in a white paper that the future of Northern Australia "will come from its people, its ingenuity, its diversity, and its proximity to Asia."
Jan Adams, Australian ambassador to China, has said that China's Belt and Road Initiative and Australia's northern developing plans are highly complementary on a strategic level, and that the two sides have achieved consensus on alignment between China's initiative and Australia's development plans.
Meanwhile, both countries, as members of the Asia-Pacific Economic Cooperation forum, the East Asia Summit and the G20, agree on the need to enhance free trade and globalization amid worldwide uncertainties and a surge in protectionism in some Western countries.
Also as parties to the Regional Comprehensive Economic Partnership (RCEP) negotiations, both China and Australia would like to make use of these existing blocs to better integrate the Asia-Pacific.
Ruan Zongze, vice president of the China Institute of International Studies, said that now at a crucial moment in the future of globalization, China and Australia must work together to safeguard free trade, tackle protectionism, and push forward regional integration.
