And it allows the state’s engineering and design firms to bid for contracts for belt and road initiative projects around the world. The federal government has given Victoria until March 10 to explain why its Belt and Road Initiative deal with China should not be ripped up. States and territories that export minerals maintained strong trade activity with China last year while Victoria’s two major service exports – international tourism and international education – were brought to a standstill by global and local restrictions. Victorian Premier Dan Andrews signed a memorandum of understanding in 2018 with China relating to its mega, $1.5 trillion 'One Belt, One Road' policy, but the deal - which would have given Beijing's funding and control of key Victorian infrastructure - came under heavy criticism. Credit:Joe Armao. The Premier said the new agreement would give Victorian firms the “inside running” on infrastructure projects in China and in other countries. Overview. Protesters against China’s Belt and Road Initiative gather in front of the Parliament House of Victoria in Melbourne, Australia on June 7, 2020. Victoria's economic prosperity relies strongly on its relationship with China, with China being Victoria's largest trading partner. Victorian premier Daniel Andrews signed a memorandum of understanding in 2018 with China to work together on belt and road initiatives. The Victorian government’s Belt and Road Initiative program is a zombie project that has its own inertia and is proceeding despite the world changing around it. Annika is state political editor for The Age. The new deal follows on from a memorandum of understanding between Victoria and China on the Belt and Road initiative signed in 2018, which also attracted criticism from the federal Coalition government. Victoria’s trade deficit with China has ballooned. But the controversial deal was unpopular with the federal government and late last year the Commonwealth passed new laws allowing them to tear up deals between Australian states and organisations and foreign governments. Victoria traditionally hosts about one third of Australia’s total onshore enrolments of international students, with most students coming from China. The Case for Australia Keeping Victoria’s Belt and Road Deal Prime Minister Morrison now has the power to quash the state’s MoU with China. Victoria’s trade deficit with China has grown since Belt and Road deal. “But ... international students not coming would have been a problem.”. I haven't heard the rationale or the reasoning behind what seemed to be a pretty rushed decision.". Victoria The deal the Labor Victorian government has struck with China last year is non-legally binding. “The most important partnerships are built on trust and hard work,” he said. “Our trade strategy is about creating jobs for Victorians and opening up avenues for exporters,” the spokesman said. Victoria’s trade deficit with China has ballooned. This Chinese Initiative is a huge and ambitious project worth trillions of dollars that involves China co-funding hundreds of infrastructure projects all over the world. Credit:Eamon Gallagher. “Construction, globally, is a very, very competitive industry ... and anything we can do to give Victorian companies and Victorian workers an edge, that’s exactly the right thing to do.”. The agreement has long been controversial, with the Federal Government consistently sceptical about China's motives. Liberal MPs want the Morrison government to move quickly to rip up Victoria’s Belt and Road Initiative deal, instead of delaying the decision and … The $1 trillion Belt and Road Initiative is Chinese President Xi Jinping’s signature policy to invest in infrastructure globally including roads, rail, pipelines and telecommunications systems. Victoria is standing by its Belt and Road deal with China in the face of frosty bilateral relations and foreign interference legislation. It follows the signing of a Memorandum of Understanding between Victoria and China on the Belt and Road Initiative in 2018. Economists attribute the widening trade gap to the lockdowns and border closures which damaged the lucrative tourism and higher education markets. Opposition leader Anthony Albanese has spoken out about Victoria’s Belt and Road deal with China, promising any future Labor federal government he leads will shun the initiative. "Why does he believe this is in our national interest? Opposition trade spokesman Matthew Guy said the latest statistics proved the Belt and Road deal was “one-way traffic that works against Victoria”. The federal government has given Victoria until tomorrow (10 March) to explain why its Belt and Road Initiative deal with China should not be ripped up. China and Victoria also hope to build two-way trade in food and cosmetics with talks already underway on accreditation of Victorian abattoirs to supply beef and lamb to China. China remains the state’s largest two-way trading partner but the latest figures show the state’s exports to China dropped last year while China’s exports to Victoria grew. “Especially when China keeps sending a lot of stuff our way,” he said. Victorian Premier Daniel Andrews has said he is not reconsidering the state's Belt and Road agreement with China amid the escalating diplomatic tensions between the two nations. It needs to be halted and comprehensively reassessed. “We need a strong partnership, Victoria has one, and we would hope that every state and territory and indeed the Commonwealth would have a strong partnership and a friendship with China.”. Beijing is watching, and Canberra is thinking. The deal is currently being assessed by the federal government. The U.S. warns it will 'simply disconnect' from Australia if Victoria sucking up to China becomes a security risk. Victorian Premier Daniel Andrews is currently touring China. Dec 8, 2020 – 6.13pm The Morrison government faces a dilemma over how quickly it moves to tear up Victoria's Belt and Road deal with China … The deal also aims to increase collaboration in high-end manufacturing, biotech, agriculture technology and to share expertise and training in social areas such as aged care. The figures released by the Australian Bureau of Statistics also reveal that since Victoria signed its Belt and Road agreement with China in October 2018, the state has imported a cumulative $42 billion more from the Asian superpower than it has exported. Victoria is a large provider of food and fibre products to China, and China is Victoria's largest source of international students and tourists. Victoria aims to sign a road map for investment under China’s Belt and Road Initiative within weeks, as Beijing ramps up trade tensions with Australia. He should hold off, at least for now. The premier signed a memorandum of understanding with China's National Development and Reform Commission to support the $1.5 trillion Belt and Road Initiative in 2018, making Victoria the only government in the country to do so. “Nearly half of all Australia’s exports to China are iron ore, so Victoria will always record a deficit,” Mr Oster said. The four-page Memorandum of Understanding, posted online late on Sunday, says the two parties will "work together within the Belt and Road Initiative", China's trillion-dollar project to revive an ancient network of land and ocean trade routes. “We’d always hope that the federal government would have a similar approach to us, to work closely with China for the benefit of Victorian workers, and I note the Prime Minister has had some meetings with some very senior Chinese officials in the last couple of days,” the Premier said. Mr Andrews encouraged other state governments and the Commonwealth to follow Victoria’s example. “Partnerships with foreign governments should work both ways but Labor’s Belt and Road doesn’t, it only works for Chinese interests with no Victorian benefit,” Mr Guy said. Will Morrison act on his long-felt and justifiable wish now to ensure a consistent national foreign policy? The Morrison government's latest push to curb foreign influence has passed parliament, meaning Victoria's Belt and Road deal with China could be in jeopardy. The trade deficit with China has almost doubled since 2014 and has increased by about 25 per cent in the years since the signing of the memorandum of understanding, which the Andrews government said was about improving jobs and trade outcomes for Victoria. The figures released by the Australian Bureau of Statistics also reveal that since Victoria signed its Belt and Road agreement with China in October 2018, the state has imported a cumulative $42 billion more from the Asian superpower than it has exported. It is essentially a commitment by Victoria to work together with Beijing on future projects for the benefit of both parties. It's technically a non-legally binding agreement for Victoria to be involved in the Belt and Road project; the Silk Road for the 21st century that includes new ports, highways and railways across the globe. The Victorian government has bowed to pressure and released its agreement with China on the Belt and Road Initiative as experts warn that the decision to sign on could be unconstitutional. Noel Towell is Economics Editor for The Age, Andrews signs new Belt and Road deal with China: 'the right thing to do'. Map showing key cities and ports in the Belt and Road Initiative. Mr Dutton told reporters in Canberra on Wednesday. The Premier shrugged off concerns on Wednesday about Victoria strengthening its ties with China at a time when the Australian government’s relationships with the rising power was strained. 22 May 2020 | Michael Shoebridge. 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