The US-Australia REE framework though still in the paper stage with no concrete projects yet, is crucial mostly in a geopolitical sense. Australia depends on both the US and China for its unique government structure - US as a security ally with Australia fighting alongside Western countries since WW1, and China as its economic “ally”. Australia relies on China (and many SEA countries) as its largest trading partner, however it is worth noting that Australia continues to deny the relationship between the two.
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