Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Australia PM says building Indo-Pacific alliance will be 'critical priority'

Published 05/08/2020, 10:31 am
Updated 05/08/2020, 10:36 am
© Reuters.

SYDNEY, Aug 5 (Reuters) - Australia Prime Minister Scott Morrison said on Wednesday that building an Indo-Pacific alliance with like-minded nations will be a "critical priority" for his government, warning the pace of militarisation in the region was unprecedented.

"Today, the Indo-Pacific is the epicentre of strategic competition," Morrison told the Aspen Security Forum, which brings government and military leaders together with experts.

"Tensions over territorial claims are growing."

The annual conference is being hosted using virtual digital platforms this year due to the coronavirus pandemic.

Australia last month said it would boost defence spending by 40% over the next 10 years, buying long-range military equipment that will be focused on the Indo-Pacific region, where both Beijing and Canberra are competing for influence. tension between China and Australia has worsened recently over issues including an Australian call for an international inquiry into the origin of the coronavirus, and debate about China's new national security law in Hong Kong.

Last week, the United States and Australia held high-level talks on China and agreed on the need to uphold a rules-based global order, but Australia stressed its relationship with China was important and it had no intention of hurting it. said on Wednesday China's rise as a major economic partner has been good for the global economy, Indo-Pacific region and Australia, "but with economic rise comes responsibility".

The prime minister said China and the United States together have a "special responsibility" to respect international law and should resolve their disputes peacefully.

"It means a commitment to rules-based economic interaction. Neither coercion nor abdication from international systems is the way forward," Morrison said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.