Australia wants to diversify its relationship with China: ‘That doesn't mean trading any less'

Don Farrell, Australia's trade minister, stated that Australia wanted to diversify and stabilize its relationship with China. However, that did not mean the flow of trade should be slowed down.

"We want our relationship with China to be stabilized... We also want our relationship to be diversified." He said that this does not mean less trade with China.

Don Farrell, Australian Trade Minister, told CNBC that Australia is looking to diversify its trade relationship with China. However, this does not mean the flow of trade will slow.

Farrell said to CNBC's Martin Soong that he wanted to "stabilize our relationship with China... We also want to diversify the relationship" at the G7 trade ministers meeting in Osaka Japan, which took place over the weekend.

"That does not mean we trade less with China. "But it means trading more with countries with which we have free-trade agreements," he said, citing the European Union.

Currently,

Australia has signed agreements with over 20 countries

The hope is to continue the negotiations.

Canberra is also engaged in dialogue with

Its largest trading partner

China will no longer impose tariffs on Australian wines imported from Australia

Introduced in March 2021

China raised import tariffs during the peak of diplomatic tensions between 2020 and 2021.

Several Australian exports

From wine and red meat, to lobsters and wood.

August is the month of August.

Beijing has finally lifted the tariffs on Australian Barley Imports

The earliest known example of this was the

Totaled approximately 1.5 billion Australian Dollars

($988.1 million).

Farrell expressed optimism that Anthony Albanese, the Australian Prime Minister, would have a successful trip to China during his upcoming trip.

Albane is

Visit China from Nov. 4 to 7

It is expected that he will meet with Chinese President Xi Jinping. This will be the first trip to China for an Australian Prime Minister since 2016.

Farrell, when asked about Australia's trade ties with Taiwan said that both parties have a "very positive trading relationship" and that Taiwan would continue to be one of "[Australia's] largest customers under the Albanese Government."

He said that Australia was increasing its wine sales to Taiwan. This is Australia's largest export.

fifth largest merchandise export market

From 2021 to 2022.

Farrell also stressed that Australia was keen to reach an agreement with the EU, despite negotiations for a Free Trade Agreement.

between both parties collapsed

.

Farrell stated that "Australia wants to reach an agreement with the European Union but not at all costs." He pointed out that the access of Australian agricultural products to European markets has been a sticking point.