Amid the escalating trade war tensions, Senator Birmingham accused the “targeted nature of Chinese government” that slapped import measures on Australian goods European stocks edged lower after the European Central Bank met expectations with its new stimulus program, with multinational British companies getting a… Breaking News Bar
Last Updated: 10th December, 2020 06:27 IST
After China blocked timber imports from Australia, Prime Minister Scott Morrison’s administration called out the Asian nation for alleged breach of the free trade agreement. Australian government condemned China’s unilateral “destructive and restrictive” trade curbs that have impacted Australia’s exports as the People’s Republic continues to flex its geo-economic muscle power.
In an address to the Senate, Australia’s trade minister Simon Birmingham said that the government was looking for a resolution with dialogue after exporters were hit with high tariffs. The House of Councillors passed a documenting order.
According to sources of Australian broadcaster NINE, Australia’s Trade Minister derided China’s restrictions of Australian goods imports, alleging that the People’s Republic has committed a breach of World Trade Organisation terms. Amid the escalating trade war tensions, Senator Birmingham accused the “targeted nature of Chinese government” that slapped import measures on Australian goods and said that China’s adherence to the letter and spirit of its ChAFTA and WTO obligations was questionable.
Read: US Senate Approves legislation To ‘kick’ China Off Wall Street; Awaits Trump’s Nod
Read: US Top Official Says China Conducting ‘human Testing’ For ‘biologically Enhanced’ Soldiers
Australia’s trade minister accused China of lack of engagement, dialogue, as it banned the import of lamb meat, barley, dairy products, winery, wood, coal, seafood, and Australian cotton. The government urged the Chinese government for a “reasonable start” of bilateral involvement, citing its “discriminatory behaviour” against Australia. It further stressed supporting exporters, working on trade dispute and letting market compete on fair terms.
However, in response to the Australian Trade Minister’s remarks, a Chinese embassy spokesperson issued a statement, saying that Australian concerns about China’s adherence to ChAFTA were “totally unfounded”. Further, it alleged that Australia lacked efforts to bolster mutual trust and bilateral cooperation between the two countries.
Meanwhile, in the senate, Birmingham declared that Australia was trying to help businesses in pursuing global markets other than China, adding that Chinese behaviour in 2020 has been “unacceptable”. China remains Australia’s largest trading partner with over 30 percent of exports annually.
Read: 18 Miners Killed Due To Excessive Carbon Monoxide Level At A Coal Mine In China
Read: China Prepares Large-scale Rollout Of COVID-19 Vaccines
(With Agency Inputs; Image Credit: AP)
Author: Written By
European stocks edge lower as ECB meets bond-buying expectations, with FTSE 100 boosted by lack of progress on trade talks
European stocks edged lower after the European Central Bank met expectations on its move to boost the eurozone economy, with multinational British companies getting a boost from floundering negotiations on a U.K.-European Union trade deal.
The ECB decided — as widely forecast — to boost the size of the pandemic emergency purchase program by €500 billion and also extended its targeted longer-term refinancing operations. ECB President Christine Lagarde will discuss the change at a press conference.
The European Commission on Thursday proposed contingency measures if no deal is agreed, including a one-year fisheries agreement.
Negotiations on a U.S. stimulus bill continue, with hangups including whether to give aid to state and local governments, extend jobless benefits, provide stimulus checks, and provide legal immunity for businesses facing lawsuits over the spread of coronavirus.
The coronavirus pandemic continues to spread, with the U.S. on Wednesday suffering a record 3,054 deaths, which is more Americans than died during the Sept. 11, 2001, terrorist attacks. Confirmed cases in Europe continue to drop, though they still remain elevated, according to the European Centre for Disease Prevention and Control.
Author: Steve Goldstein
Natural Sausage Casings Market Competitive Insights and Top Manufacturers 2020
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