On June 17, witnessed by Premier Li Qiang and Australia Prime Minister Anthony Albanese, Minister Wang Wentao of Commerce and Australian Trade Minister Don Farrell signed the Memorandum of Understanding between the Ministry of Commerce of the People’s Republic of China and the Department of Foreign Affairs and Trade of Australia Regarding Further Enhancing the Implementation of China-Australia Free Trade Agreement in 2024-25.

The China-Australia Free Trade Agreement (ChAFTA) is the first high-level FTA China signed with a major Western developed country. Since its entry into force in December 2015, ChAFTA has greatly boosted the trade and economic exchanges between the two countries. The signing of the MOU will help the two sides further deepen cooperation under the framework of ChAFTA, continue to tap the potential of the agreement, and promote the steady and sound development of China-Australia trade and economic relations.