Former Australian prime minister Tony Abbott said on Friday that during his time in office a decade ago, he knew China's rise was a positive force for the world.

"There's no doubt that China's rise has been good for the world," Abbott said at an event in Sydney marking the 10th anniversary of the China-Australia Free Trade Agreement. "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 described the agreement as "the best deal that China had ever done".

Since the deal was signed, Australia's trade with China has grown 124.8 percent to A$325.5 billion ($213 billion), outpacing the 76.5 percent growth in trade with the rest of the world, according to the Australia-China Relations Institute at the University of Technology Sydney.

Chinese Consul General in Sydney Wang Yu said that over the past 10 years, China has invested nearly A$90 billion in Australia, with more than 800 Chinese companies operating across the country and employing more than 25,000 locals.

He hailed the deal as a model of free trade cooperation in the Asia-Pacific and beyond, playing an important role in promoting regional economic integration and shared prosperity.

Andrew Robb, Australia's former trade minister who signed the deal in 2015, called it "a spectacular result "that confirms free trade benefits all.

Despite such success of open economies, the Western world has begun retreating from decades of economic liberalization, he said.

"We are seeing rising populism, growing isolation and nationalism, accelerating de-globalization and protection — all emerging under the pretext of protecting economic security, where trading on the basis of comparative advantage is framed as a security threat."

'Powerful bridge'

Robb credited much of the agreement's success to the 1.3 million Chinese Australians, who have served as a "powerful bridge "between the two cultures, especially at the commercial and Australian diaspora levels.

Feipeng Wu, president of the Australia China Economics, Trade and Culture Association, 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."

The organization has spent the past 14 years fostering economic ties, cultural exchanges and youth engagement between the two countries, he said.

"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."

Executive President Zoe White said the past decade has also marked significant growth for the association.

"We have built bridges to help our members establish roots in Australia and 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."

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