THE FEATURES OF MODERN SINO-AUSTRALIAN TRADE AND ECONOMIC RELATION IN THE CONTEXT OF CHANGING ASIA-PACIFIC

Abstract

Australia successfully combines a unique geopolitical position in the Asia- Pacific, as well as economic potential. At the same time, the emerging trade dependence of the Fifth Continent on the People’s Republic of China (PRC) is increasingly affecting Canberra’s foreign policy year by year. The aggravation of Sino- U.S. relations has also led to tension between Australia and China. In 2020, the world faced the COVID-19 pandemic, which caused negative impacts on the global economy, and trade tensions began between the two states. In early 2021 Beijng also suspended all activity under the China- Australia Strategic Economic Dialogue for an indefinite period. All these events give the research of trade and economic relations between Australia and the PRC a great practical focus, including allowing us to more specifically identify the degree of dependence of the economy of the Fifth Continent on the situation in China or the degree of Sino- Australian relation. This article examines the consequences of the suspension China- Australia Strategic Economic Dialogue, in particular, its impact on the future prospects for the Free Trade Agreement (FTA) between the two countries. Special attention is paid to the impact of China’s economic growth rates on the Australian economy. At the same time, the author aggregates the trade and economic strategies of Australia as a middle power, considering Canberra’s response to the transformation of the regional architecture in the Asia- Pacific. The provisions and conclusions presented in this article are based on the study of the works of leading international researchers specializing in foreign policy and economic issues of Australia, as well as Sino- Australian relations.