IMPLICATIONS OF THE CANCELLATION OF THE BELT AND ROAD INITIATIVE (BRI) FOR THE BILATERAL RELATIONS BETWEEN AUSTRALIA AND CHINA

ABHARINA NASUTION (Faculty of Social and Political Sciences, Universitas Kristen Indonesia)

Multicience
Vol. 3 No. 04 (2023): INTERNATIONAL JOURNAL OF MULTISCIENCE - JANUARY-APRIL 2023

China is a country that is very ambitious to improve its economy through economic cooperation with other countries under the giant Belt and Road Initiative (BRI) idea. The China-Australia Free Trade Agreement (ChAFTA) is a bilateral cooperation between China and Australia that was formed on December 20th 2015. Even though it benefited both parties, this cooperation was canceled due to China being threatened by Australia's initiative which proposed an investigation into the origin of COVID-19. -19. Therefore, this article analyzes the impact of BRI Cancellation further. This research uses a qualitative methodology with secondary data collection techniques obtained through a literature study. the author uses the concept of international cooperation and trade war as analytical tools. From this research, the authors found that the cancellation of this cooperation resulted in a loss of export and import markets for both countries. however, this cancellation did not have a significant impact on the economies of the two countries because China and Australia respectively managed to find a replacement market as an alternative to offset losses from this cancellation.