IN THE WAKE of the Federal Budget, it is unclear what will become of the planned link-up between ABC International and its Australia Network with China’s media powerhouse, the Shanghai Media Group.

The proposed arrangement was reportedly supported by media authorities of the Chinese Government in Shanghai. Yet the cuts to the ABC, SBS and the reported withdrawal of funding for the Australia Network will negatively impact the proposed arrangements.

On the back of the recent Australian Government-backed Australia Week in China trade mission, ABC International and the Australia Network struck an international multi-platform media cooperation arrangement supported by the Shanghai Municipal Administration of Culture, Radio, Film and TV.

The detailed agreement to formalize the arrangement were to be signed in Shanghai on May 4. Through the cooperation, ABC International was set to establish an online portal in China through which a range of ABC and other Australian media content and services could be offered and presented to partner Chinese media organisations. 

The arrangement also enabled the ABC to establish a base in Shanghai with official approval to represent and sell media content across China, enter into international co-productions, and generate international sponsorship and promotional opportunities.

“This historic agreement opens up a whole new world of television and online cooperation between Australia and China,” ABC managing director Mark Scott said. “It provides a truly unique window for all Australian media to build a friendly and mutually cooperative relationship with China.”

It is ironic that so much of the media cooperation had been driven by the Australian Government, with the ABC extensively covering Prime Minister Abbott’s visit and early steps for a free trade agreement – yet the Federal Budget now appears to place the deal in jeopardy.

“International Channel Shanghai last week broadcast a week of Australian TV programs provided by the ABC and Australia Network to coincide with Prime Minister Tony Abbott’s visit,” Mr Scott said when announcing the cooperation deal. It was also a time when Australia’s profile was high in China from leading the search for missing Malaysia Airlines flight 370.

“Q&A’s live broadcast in China was the first open interactive public comment style program broadcast live from China to Australia,” he said. “The success of last week and the future under this agreement will help build understanding between China and Australia.”

Shanghai Media Group’s International Channel Shanghai executive director, Sun Wei said, “The Shanghai Media Group is China’s second largest media organization and its recent restructure ensures we are looking to further build our international media partnerships.

“Ground breaking international broadcasts such as Q&A, which was produced as a collaboration between Australian and Chinese television crews, pave the way for bigger and better international media cooperation and cultural connections in the future.”

ABC International CEO Lynley Marshall commented at the time: “This agreement will enable us to put the full range of Australia Network programming and content from other Australian media into China and for China to connect more closely with our media.

“Most importantly, the agreement will provide opportunities for promotion of Australian business, tourism, entertainment, culture and education.”

The eventual shape of any cooperation will play out in the next few months as the ABC is expected to re-organise its budgets in the wake of the funding cuts.

www.abc.net.au

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POSTED MAY 16, 2014.

THE central banks of Australia and China are working together on potential future clearing and settlement arrangements in Sydney, as Australia helps China to develop its international currency, the renminbi.

One of the most significant outcomes of the recent Australia Open For Business delegation to China, led by Prime Minister Tony Abbott, was the agreement to enhance offshore market development of the renminbi (RMB).

Australia is at the forefront of countries working with China to support international use of the RMB, according to statements made by Federal Treasurer, Joe Hockey.

“Australian banks and their Chinese counterparts have worked hard to promote direct trading of the two currencies,” Mr Hockey said. He said monthly trading volumes had increased more than seven-fold in the past year to US$2.4 billion from US$324 million equivalent before direct trading.

In fact, Mr Hockey said, the Australian dollar had become the fourth most traded currency on China’s Foreign Exchange Trading System and there was significant potential for this market to grow.

“China’s leaders have sent a strong signal of their commitment to a comprehensive program of economic reform. Financial sector reform will be central to achieving this,” Mr Hockey said.

“These reforms will better integrate China into the global economy by breaking down the walls that prevent the free flow of capital to the rest of the world.  It will see China further liberalise its exchange rate and promote the international use of its currency.”

Mr Hockey confirmed that Australia’s Reserve Bank was working with China’s central bank,  the People’s Bank of China, on future clearing and settlement arrangements in Sydney.

“When I travel to China for the Strategic and Economic Dialogue later in the year, I will explore further steps to promote economic and financial cooperation between Australia and China,” Mr Hockey said.

“Australia’s business delegation to the inaugural Australia Week in China demonstrated a high level of interest in the economic relationship between our two countries.  Banks, fund managers, farmers and miners all stand to benefit from Australia's positioning as an offshore RMB centre.

“2014 is a year of opportunity for China and Australia to deepen financial ties.”

www.treasury.gov.au

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MONGOLIAN Foreign Minister Luvsanvandan Bold negotiated a five-year, $20 million Australian support program to assist the sustainable development of the nation’s resources sector on his recent mission to Australia. 

It was the first visit to Australia by a Mongolian Foreign Minister in 20 years and it concluded a range of co-operation agreements between countries, opening the doors for Australian companies.

Australian Foreign Minister Julie Bishop said the $20 million Australia-Mongolia Extractives Program would utilise Australian expertise in Mongolia to help ensure the benefits of the mining sector were spread across its entire population.

“Like Western Australia, Mongolia’s economy is driven by mining and resources,” Ms Bishop said. “Whether in Australia or Mongolia, private-sector led growth is key to a growing economy.”

Ironically, there were parallels with current Australian domestic policy that resonated in the resources sector, such as the taxation of mining.

“Releasing Mongolia’s fledgling mining industry from a failed mining tax has greatly benefited the economy,” Ms Bishop said.

“Australia is pledging to support the Mongolian Government with financial assistance and expertise that will improve governance in the mining sector, opening their economy up to international investment and development opportunities.

“The program will also improve access to technical and vocational education and training in disadvantaged communities in Mongolia so they are better equipped to gain employment in the mining industry.”

One of the highest profile commercial partnerships operating in Mongolia at present is Rio Tinto’s investment in Oyu Tolgoi.

The Australian Government’s existing $5 million partnership with the World Bank is also helping to strengthen management of groundwater resources in the southern Gobi region, Ms Bishop said.

During the visit last fortnight, Foreign Minister Bold also signed a Memorandum of Understanding on Consular Cooperation.

www.dfat.gov.au

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THE FIRST official visit to Australia by the Secretary-General of the Association of Southeast Asian Nations (ASEAN), Le Luong Minh, took place last week.

Highlighting the geographical and strategic position of Australia, Secretary-General Minh encouraged Australia to play a greater role in contributing to ASEAN-led mechanisms for the maintenance of peace, security and stability. He further encouraged both sides to forge cooperation in other potential areas such as governance, forestry, public health, arts and cultures, sports, SMEs, infrastructure development and vocational training.

Secretary-General Minh also conveyed that the ASEAN Secretariat would stand ready to effectively coordinate with ASEAN member states in co-operating with Australia in these joint endeavours.

Secretary-General Minh thanked Australia for its active and steadfast support for ASEAN’s regional integration and community building efforts over the past years, and called upon Australia to further extend and align its support to ASEAN’s Post-2015 agenda, which is currently being developed.

As part of his programme in Sydney, Secretary-General Minh met with the chairman of the Australian Competition and Consumer Commission as well as ASEAN and Australian students at the University of Sydney. In Canberra, he gave an address at the College of Asia and the Pacific of the Australian National University.

ASEAN and Australia will convene a Commemorative Summit later this year in Myanmar to celebrate the 40^th Anniversary of ASEAN-Australia Dialogue Relations.

“Secretary General Minh’s visit provided an opportunity to discuss challenges facing the region, including maritime security and disaster management,” said Foreign Minister Julie Bishop.

“ASEAN plays a key role in regional security-focused engagement, in particular through the leaders-level East Asia Summit and the ASEAN Regional Forum.

“South East Asia is vital for Australia’s strategic and economic interests. Australia is working in partnership with the ASEAN Secretariat, headed by Secretary General Minh, to support integration efforts between ASEAN countries including through the ASEAN-Australia Development Cooperation Program.”

Secretary General Minh’s visit coincided with the 40th anniversary of Australia’s formal dialogue partnership with ASEAN, which began with an officials meeting in Canberra on April 16, 1974, and Australia was ASEAN’s first dialogue partner.

The 10 member countries of ASEAN represent a population of more than 600 million people and a combined economy of $2.4 trillion. Australia’s two-way trade with ASEAN has more than doubled in the past decade to $92 billion in 2012-13.

Ms Bishop said ASEAN’s importance to Australian interests would grow as it sought to deepen economic, political-security and socio-cultural integration through an ASEAN Community by 2015.

“Australia and ASEAN are also working together to implement the 2010 ASEAN-Australia-New Zealand Free Trade Agreement and negotiate the Regional Comprehensive Economic Partnership which are key drivers of regional economic integration,” Ms Bishop said.

www.dfat.gov.au

www.asean.org

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