Australia and China are very different societies, our histories have been very different, our political systems have been very different, but our relationship has always been at its very best. Each of us has fully understood the depth of those differences yet resolved to work together to capitalise on the areas of mutual benefit and common interest. It is always important in a relationship between two very different societies that you put aside those differences and you focus on those areas of common agreement and those common agreements and those common interests can be pursued to great mutual benefit. Australia and China are very natural economic partners. Australia is a major and reliable supplier to China of commodities and technological know-how, which are important to China's economic growth and we import what China is good at producing.
China is our largest wool market and a major supplier of clothing.
China is the world's largest steel producer and we supply 60 per cent of its iron ore exports. Australia strongly supports the aspirations of China to become a member of the World Trade Organisation and I know that I speak on behalf of business men and women in Australia in saying that they have a growing interest in investment in China. I recall very vividly the very strong support I received from the Australian Business delegation that accompanied me on my visit to China in March of this year. That visit, I believe, made a very significant contribution to the growth in the character of the relationship that has occurred over the last 12 months. The common participation of Australia and China in the International Monetary Funds Financial Assistance Packages, for both Indonesia and Thailand, has underlined the character of our partnership in the Asia-Pacific region.