”This bill was not just about the Chinese agreements, it`s a broader matter and it`s up to the federal parliament to decide whether they want to do it or not,” Andrews said. Some experts see the BIS as a way for China to create new investment opportunities, cultivate export markets, facilitate credit to countries they need, and boost China`s domestic incomes and consumption. Despite the non-binding nature of the agreement, the scale of the initiative around the world has become a centerpiece of criticism from many governments, including Australia. Giuseppe Conte meets Xi Jinping in Rome before signing the agreement, an agreement that Italy now regrets. Getty This week will pass federal government laws that would give it the power to abolish agreements with foreign governments of states, municipal councils and universities. The federal government has not signed a similar agreement, but said BIS projects will be evaluated on a case-by-case basis, instead of signing a cross-cutting moU or approving a roadmap like Victoria. China`s emphasis on quantity versus quality is illustrated in the CEECs. Despite all the fanfare from the supporters and the fear of criticism, the documents are weak. They use vague language on ”promoting the spirit of the Silk Road” and ”building a common future.” The coalition says the changes are aimed at protecting Australia`s national security and sovereignty and the vast majority of agreements, but they do give them the power to denounce the Victoria agreement if they see problems.
Victoria renewed the agreement in October last year and is expected to sign a third treaty this year that has been delayed due to the coronavirus pandemic, although Mr. Andrews has previously hinted that he intends to pursue it, if possible. In October 2018, Victorian Prime Minister Daniel Andrews signed a non-binding Memorandum of Understanding (MOU) with China`s National Development and Reform Commission to cooperate with the BIS. Andrews sees this controversial initiative, but it offers great opportunities for the state`s economic and financial growth, such as creating jobs and trade opportunities and attracting investment. In October 2019, Andrews signed a non-binding ”framework agreement” to set out certain guidelines for the implementation of the OME. One of the main objectives of the agreement is to encourage Victorian infrastructure companies in China and participate in third-party markets. Similarly, the agreement encourages Chinese companies to tender for projects in Victoria. Let`s look at the peculiarities of what Victoria signed. Many Western countries, especially the United States, are wary of China`s motivations behind the BIS. The initiative is rejected in order to eliminate any risk of Chinese cooperatives operating under the BIS in order to gather valuable information for the Chinese government.