WA signs new China trade and investment deal
The Western Australian State Government has become the first non-national governmental body in Australia to sign a Memorandum of Understand with China after Premier Colin Barnett signed a co-operative trade and investment agreement.
The MoU will see the Western Australian Government and China’s National Development and Reform Commission (NDRC) participate in greater co-operation in bilateral trade and investment.
“This is a very significant document as it will be the first ever MoU that the NDRC has signed with a non-national Government,” Mr Barnett said.
“Exports from WA represent 73 per cent of Australia’s exports to China and 80 per cent of China’s investment in Australia is in Western Australia.”
Mr Barnett expressed his confidence that the agreement with see greater Chinese engagement in developing the state’s key industry sectors, while growing trade with China.
“The MoU also establishes a China-Western Australia Investment Facilitation Working Group, which will bring Western Australian and Chinese officials together annually to discuss relevant issues such as local content policies, identifying key growth sectors and opportunities for joint development initiatives and opportunities to establish alliances between Chinese and WA businesses.”
The Premier said the MoU covered sectors including resources; resources-related technologies; energy (including renewable energy); agriculture and food; machinery; chemicals; and infrastructure.