The Australian government is now prepared to discuss this political endeavor after the pursued former FTA policy was denied by the Chinese government.

Like Us on Facebook

The comprehensive Australia and China Free Trade Agreement boomed after Kevin Rudd, Australian prime minister, has pledged to revive the said agreement after discussing the topic over the phone with President Xi Jinping. This happened after Rudd regained his position last month.

In current policy, some countries need an FIRB approval for an investment of more than $428 million. The Chinese government opted to increase the amount to $1 billion in the US and New Zealand investors. This speculated a conclusion that China seeks to end the policy of state-owned investments, without considering the FIRB value.

Marles opted not to discuss the specifics of what the Australian government may offer, but he sees this endeavor as a "practical and pragmatic way" of negotiation. He also stated that this discussion would bring it "in a fresh light."

"To make progress we do have to look at the positions that both sides have taken in a pragmatic way,"

"If we were able to make progress on an FTA with China that would be a very significant contribution to the Australian economy given how important providing goods and services to the growing Chinese middle class is going to be for the future of the Australian economy and future prosperity in Australia."

He added,  "The future of our economic relationships with China is going to shift from being one based on resources - although it will obviously still have a very large resources component to it - to one that has a much bigger goods and services component."