Aussies close to deals worth $15bn in Shanghai

Simon Birmingham will today witness the signing of memorandums of understanding on $15bn worth of deals.

Trade Minister Simon Birmingham in Shanghai this week.

Trade Minister Simon Birmingham will today witness the signing of memorandums of understanding on $15 billion worth of deals between Australia and China.

The agreements will be signed as part of a push by Chinese Presiden­t Xi Jinping to ensure his China International Import Expo in Shanghai results in actual business deals.

Mr Xi, who announced the expo last year as part of a government policy of showing China’s plans to further open up its eco­nomy, has made it known to Chin­ese businesses and local governme­nts that he wants buyers to actively engage with foreign suppliers.

Australian companies at the expo include BHP, Rio and Fortescue Metals Group, as well as Blackmores, Coles, Woolworths, Telstra and ANZ.

“More than 200 Australian brands and businesses who are ­already actively engaged with the Chinese market are at the expo and looking to take their business opportunities even further,” Senator Birmingham said yesterday.

“It is a wonderful opportunity for Australia to strengthen what is already our strongest trading relationsh­ip.”

He was speaking ahead of ­tomorrow’s visit to Beijing by Foreig­n Minister Marise Payne, the first visit by an Australian foreig­n minister since Julie ­Bishop’s in February 2016.

The move is seen to be an ­important step in improving ­relations between Australia and China, which became increasing­ly tense under the Turnbull government.

Senator Birmingham also indic­ated that the Aust­ralian government was lobby­ing Chinese authorities to delay the impos­ition of tough new laws on e-­commerce, which are due to come into force next year.

“I would urge China to act in the spirit of President Xi’s comments in his speech this week, where he acknowledged the ­importance of digital trade and e-commerce and committed to continued opening up,” he said.

“We would want to make sure that as China works to modernise some of its rules in that regard, they also ensure that they give ­appropriate transition for businesses to be ready to comply with them.

“We are monitoring it closely in terms of whether both sides of the relationship are ready in terms of meeting those rules.”

He did not know when Scott Morrison would visit China. “When he gets a chance to come to China I am sure he will,” he said.