B&R News: Australian state of Victoria signs MoU with China on Belt & Road Initiative
25 Oct 2018



Victoria became the first Australian state to sign a memorandum of understanding (MoU) with China's economic planning authority on the Belt and Road Initiative following a signing ceremony in Victoria's capital city Melbourne, the Chinese Embassy in Australia said Friday.


The MoU was signed between Victoria's state government and China's National Development and Reform Commission and a ceremony was held on Thursday attended by Chinese Ambassador to Australia Cheng Jingye and the Premier of Victoria Daniel Andrews, said a statement from the website of the Chinese embassy.


Business dealings with China already pump around $19.1 billion a year into Victoria's economy in merchandise trade alone, and Andrews believes the agreement will help cement Victoria as China's trade and investment gateway to Australia, the Xinhua News Agency reported on Friday.


"In four years we have more than tripled Victoria's share of Chinese investment in Australia and nearly doubled our exports to China," Andrews said.


When meeting with Chinese State Councilor and Foreign Minister Wang Yi on September 24, Australian Minister for Foreign Affairs Marise Payne said her country values the Belt and Road initiative, and is willing to enhance collaboration with China on bilateral, regional and global agendas through dialogues, Xinhua reported.


Source: Global Times