Former Australian prime minister Tony Abbott said that as his country’s leader a decade ago, he knew during his interactions with China that its rise was good for the world.

“There's no doubt that China's rise has been good for the world. In Australia, we gained by supplying China's needs for coal, gas and iron ore, and in return benefited from inexpensive, high-quality consumer goods.” he said.

Abbott, who was prime minister from 2013 to 2015, was speaking at an industry event in Sydney on Friday (June 27) to mark the 10th anniversary of the signing of the China-Australia Free Trade Agreement, or ChAFTA, with luminaries from the public and private sectors on both sides lauding its benefits.

The agreement itself “was the first deal that Beijing had done in a decade, it's only deal with a G20 country and the best deal that China had ever done”, Abbott said at the event under the Australia China Economics, Trade and Culture Association.

Australia's trade with China since ChAFTA has grown from A$144.8 billion ($93.5 billion) to A$325.5 billion, a 124.8 percent increase, compared with 76.5 percent growth with the rest of the world, according to analysis by the Australia-China Relations Institute at the University of Technology Sydney.

Over the past decade, China's investment in Australia has totaled nearly A$90 billion, with more than 800 companies established in Australia, employing more than 25,000 local Australian employees, according to Wang Yu, Chinese consul general in Sydney.

China’s investment includes sectors such as finance, energy and mining, agriculture, new energy, and infrastructure construction, becoming an important boost to Australia's economic development.

The ChAFTA is a model of free trade cooperation in the Asia-Pacific region and even the world, playing an important role in promoting regional economic integration and achieving regional common development and prosperity, he said during the industry event.

Andrew Robb, who, as Australia's trade and investment minister, signed the ChAFTA with then-Chinese commerce minister Gao Hucheng in Canberra in June 2015, said that the agreement is a “spectacular result and confirms that free trade works for the benefit of all”.

Despite this further evidence of the power of open economies, the Western world has begun moving from decades of integration and liberalization — which created many millions of supply chains and removed billions of people from poverty — to a state of regression, of closing up their economies, Robb said.

“We are seeing rising populism, growing isolation and nationalism, accelerating de-globalization and protection, all emerging under the pre-text of protecting economic security, where trading on the basis of comparative advantage is framed as a security threat,” he said.

Much credit for the huge success of ChAFTA should go to the 1.3 million Chinese Australians who have provided a powerful bridge between the two cultures … people-to-people linkages, especially at a commercial level and at the Australian diaspora level.

And “sensible engagement between our two governments has seen a strong, respectful and prosperous working relationship being maintained between China and Australia,” Robb said.

“Over the past decade, this agreement has significantly boosted trade, supported easier people-to-people exchanges, and provided a strong foundation for cooperation across many fields,” Acetca President Feipeng Wu  said.

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“Over the last 14 years, our association has successfully promoted economic partnerships, cultural exchanges, and stronger connections among young people. We have worked to build understanding in education, culture, technology, and community welfare, making meaningful contributions to our society … our commitment to cooperation is strong, and our shared goal of prosperity remains clear,” he said.

Zoe White, Acetca executive president, said it has also been a decade of growth and progress for the association.

“We have built bridges to help our members establish roots in Australia, we have connected resources to introduce the best of Australia to China,” she said.

As the green economy reshapes industries, digital trade crosses borders, and emerging technologies redefine global norms, Australia–China cooperation stands at a new starting point — one driven by high-quality development, White said.

“Looking ahead to the next decade, Acetca will continue to broaden its vision and deepen collaboration to ensure that the strengths of our two nations complement one another,” she said.

Contact the writers at xinxin@chinadaily.com.cn