The Minister for Resources and Energy, and Minister for Tourism, Martin Ferguson AM MP, will travel to the People's Republic of China and the Republic of Korea today to promote bilateral trade and investment in two of Australia's most important resources, energy and tourism markets.
Minister Ferguson will:
- Promote trade and investment with Australia, including in tourism, LNG, coal, carbon capture and storage.
- Highlight the economic and environmental benefits of Australian initiatives such as the Global Carbon Capture and Storage Institute.
- Discuss greater bilateral engagement between Australia and China, and Australia and Korea.
Minister Ferguson said: "China and Korea are two of Australia's most important international markets in almost every Australian industry sector.
"Over the past decade, trade with China has increased considerably. Today, China is Australia's second-largest merchandise trading partner, with total trade equalling A$58 billion."
Korea is Australia's third largest merchandise export market (behind Japan and China). It was our 4th largest export market worth $16 billion.
Minister Ferguson also noted that China and Korea are important markets for Australian tourism - our fifth and seventh biggest tourism markets respectively. Visitor numbers from China continued to grow last year despite difficult economic conditions.
"Maintaining the volume of Chinese visitors during such a difficult economic period reflects the hard work the Australian Government and tourism providers have put into strengthening the tourism relationship between Australia and China through the Approved Destination Scheme which facilitates the leisure travel of organised tour groups from China to Australia."