Vaughn Barber, AustCham China chair Photo: Li Hao/GT

China and Australia are highly complementary, with mutual demand across various areas that drive cooperation today, said Vaughn Barber, chairman of the China-Australia Chamber of Commerce (AustCham), in an exclusive written interview with the Global Times, expressing expectations for deeper cooperation between the two major trading partners as a veteran Australian business representative.

The remarks were made against the backdrop of the Australian Prime Minister Anthony Albanese's ongoing visit to China, which marks a pivotal step in advancing the steadily improving relationship between the two countries, as the Xinhua News Agency reported.

"This visit sends a strong signal about the importance Australia places on its relationship with China and shows a willingness to engage directly on difficult issues," Barber said, noting that high-level engagement like this helps set the tone for deeper cooperation in areas that are critical for Australia's future prosperity.

Jim Chalmers, Australian Treasurer, recently noted that Albanese's visit to China signals a transition from the "stabilisation" phase of Australia's diplomatic relationship with China to a "strengthening" phase, citing the economic opportunities of this transition, the Australian Broadcasting Corporation reported.

Barber said that this shift is incredibly significant, as it highlights that the relationship is no longer just about managing tensions and finding a steady footing, but about building on those foundations to unlock deeper, more mutually beneficial cooperation.

"For the business community, that's important. Companies need predictability, stability, and the confidence to invest for the long term," Barber said.

This shift indicates that both sides can now move beyond simply resolving challenges to focusing on practical cooperation — enabling Australian and Chinese companies to partner in key sectors such as clean energy and renewable technologies, critical minerals, advanced manufacturing, sustainable agriculture and food supply chains, health and life sciences, and education and training, said the Australian chamber head, indicating the high complementarity in the bilateral cooperation.

China has been Australia's largest goods trading partner, source of imports, and export market for 16 consecutive years. Bilateral trade has grown significantly, especially after the China-Australia Free Trade Agreement came into effect in 2015.

Foreign companies including those from Australia see real opportunity in China, with strong demand and improved market sentiment, said Barber, while noting that "Companies know success here isn't just about selling products — it means localizing operations, building trusted relationships, and aligning with China's evolving needs."

The 2025 Doing Business in China report published by the AustCham suggested that firms aren't stepping away — they're stepping up, recalibrating strategies, deepening partnerships, and preparing to thrive in a more competitive and sophisticated era of engagement with the Chinese market.

Talking about the potential for expanding this cooperation from business perspectives, Barber said that right now, the main areas of cooperation are built on strong, established trade flows, but they're also evolving in important ways.

In addition to traditional sectors such as resources and energy such as iron ore and LNG as well as agri-food products such as beef and wine, which all remain key components of trade, there is growing collaboration in healthcare and medical devices, according to Barber. He cited examples of Australian firms exporting advanced medtech and pharmaceuticals, leveraging the Boao Pilot Zone to accelerate access to the Chinese market."

While Australia supplies resources, high-quality food and agricultural products, and healthcare capabilities to support China's growth and development, China offers Australia market scale, investment capital and expertise, as well as cost-competitive technologies — from EVs and battery storage to advanced manufacturing and renewable energy systems, said Barber.

When the world is facing headwinds against the backdrop of the rising protectionism and unilateralism, highlighted by the US tariffs, Barber expressed his confidence in the bilateral economic and trade ties.

"When tensions arise, the trade and economic relationship is often the most immediate constraint on escalation. It's fundamentally driven by mutual self-interest, but underpinned by real economic complementarity," he said, giving example of even when tariffs or diplomatic disputes took place between the two sides, key exports like iron ore have continued — because both sides benefit too much to walk away.

"Mutual demand and complementarity in all these areas are what drive our cooperation today," he said.