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JOINT PRESS RELEASE : CHINA-AUSTRALIA on G20 and APEC

2014/04/16

Reflecting their close cooperation, China, as host of APEC in 2014, and Australia, as host of the G20 in 2014, sponsored a symposium in Shanghai on 14-15 April to explore opportunities for synergies between the two forums in the pursuit of regional and global economic growth and resilience. The symposium was hosted by the Shanghai Institute of International Studies and the Australian National University, and attended by the APEC Ambassadors, G20 sherpas and senior academics from China and Australia, and senior academics from a number of other regional economies.

The symposium focused on how APEC and the G20 can work more closely together, particularly on structural reform and connectivity, investment and infrastructure and trade. Participants emphasised the importance of collaboration between these two forums in maximising positive spillovers for the regional and global economy and using joint action across both forums as a catalyst to help drive trade and economic reform within APEC and G20 economies.

We emphasised the importance of undertaking structural reform in order to achieve strong, sustainable and balanced growth. We agreed that APEC's New Strategy for Structural Reform and blueprint on connectivity and the growth strategies being developed by G20 members should be mutually supporting and reinforcing and need to include meaningful reforms if they are to have a tangible impact in boosting growth.

We had a valuable discussion on the practical actions that can be taken to increase investment in infrastructure. In particular, we heard a range of suggestions from academia and the business community on the individual and collective actions that APEC and G20 economies could undertake to promote greater public and private sector investment in infrastructure.

We identified trade as an area for further interplay between the APEC and G20 agendas, given its role in bolstering regional economic integration and global growth. Participants discussed how the rise of global value chains has changed the way economies trade, and requires adjustment and resisting protectionism, to unleash the potential for growth, development and jobs. Participants also identified the need for Free Trade Agreements to be coherent, and complement the WTO to build a strong global trading system.

A bilateral meeting between senior APEC and G20 officials from China and Australia was held in the margins of the symposium to explore opportunities for ongoing cooperation throughout 2014. China reiterated support for a successful G20 Brisbane Summit to raise economic growth and address risks and challenges facing the global economy. Australia reaffirmed its support for a successful APEC Leaders meeting in Beijing to promote regional economic integration.

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