SINGAPORE — Australia will continue advocating for its national interests but would like to see strained relations with China improve, Australian Treasurer Josh Frydenberg said Monday.

“The China-Australia trading relationship is … very important,” Frydenberg told CNBC’s Will Koulouris. “It’s mutually beneficial. Our resources have helped underpin China’s economic growth and we welcome that.”

“At the same time, China has been a very important market for Australia and our exports to China has helped boost incomes here in Australia – been an important source of revenue and job creation,” Frydenberg told CNBC, as part of the network’s coverage of the Davos Agenda.

The relationship between the two major trading partners deteriorated last year when Australia supported a call for an international inquiry into China’s handling of Covid-19, which was first reported in the Chinese city of Wuhan.

… historically, we’ve had a very good partnership with China and we’d like to see that continue

Under former President Donald Trump, the U.S. appeared to be retreating from a position of influence in the Asia-Pacific region.

Trump withdrew the U.S. from the Trans-Pacific Partnership agreement and Washington did not take part in the massive Regional Comprehensive Economic Partnership — signed by China and 14 other Asia-Pacific countries that would account for about 30% of the population worldwide, and global economy.

“We’re looking forward to a very constructive relationship between the U.S. and Australia and it’s one that is critically important, not just to Australia but to the United States as well,” Frydenberg said.