It is easy enough to find lamentations from this week's APEC Leaders' meeting in Bali, Indonesia.  President Obama felt he could not attend, and the progress in the TPP negotiations was, to many, disappointingly small.  Yet it is not as though the gathering was a non-event.  Conversations took place.  Things happened.  President Xi Jinping of China invited Australia's new prime minister, Tony Abbott, to visit China next year, and Mr. Abbott accepted.  That was on Sunday evening, October 6.  In addition to setting in motion what is bound be a significant trade mission - as well as a high-profile political visit - the Abbott-Xi conversation put new life into Australia's FTA negotiations with China, which have been going on since 2005. 

Prime Minister Abbott talked about both of those issues at a Bali press conference on October 7.  That press conference was the source of today's quote.  Here is some more of the Prime Minister's response to a question about Australia's FTA talks with China, including today's quote:

China is Australia's number one trading partner.  That is one driver of Mr. Abbott's push for more trade and sooner.  Another is the fact that others in the region - New Zealand, for example -- have already nailed down their FTAs with China and have some solid commercial results to show for it.

We have two of our own and a third from an Australian writer.

First, Mr. Abbott suggested it would be nice to wrap up Australia's FTA with China during his visit there next year.  He went on to suggest, however, the somewhat longer time frame of 12 months.  Our guess is that Australia and China will complete their deal within the next 12 months and possibly even in time for that spring visit.

Second, while the quotation above doesn't mention RCEP - the Regional Comprehensive Economic Partnership - that is a ball to keep your eye on as well.  The countries working on an RCEP agreement are the ASEAN ten plus Australia, China, India, Japan, Korea, and New Zealand.  It is an enormous undertaking, and it is moving forward.  Australia hosted the second round of RCEP negotiations in Brisbane at the end of September (23rd - 27th).

Third, everyone who thinks about these things will assess them slightly differently.  Paul Kelly, editor-at-large for The Australian concluded his recent article on the Bali developments this way:

The Dragon Goes Shopping, 2013.  This program at the National Press Club on October 24 will look at the China's imports and their implications both for the Chinese economy and for China's role in the world.  Click the title link for registration information and other details.