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Australian FM joins pro-Asian Infrastructure Investment Bank choir

Xinhua, March 16, 2015 Adjust font size:

Australian Foreign Minister Julie Bishop on Monday became the latest senior cabinet minister in voicing support of Australia joining the Asian Infrastructure Investment Bank (AIIB) proposed by China.

Bishop told reporters in Canberra on Monday that Australia has "considerable interest" in joining the 50 billion U.S. dollar development bank led by China.

"It has always been our intention to discuss this matter with China, to negotiate with China, we've put forward a number of concerns that we had, they have taken them on board and we've been working through those issues with China," Bishop said.

"We want to ensure that anything that we invest in meets the very high standards of the kind of multilateral institutions that Australia has supported in the past and so these are matters that we are continuing to discuss with China."

Last week, the United Kingdom announced to join the discussion with other founding member of the bank on the bank's governance and accountability policies.

It is believed that Britain's decision served as a push for the Australian government to consider changing its previous position.

Australia turned down the invitation by China to join the AIIB as a founding member last year.

Local media reported that Bishop was the main cabinet minister who had opposed to join, citing concerns of the bank's governance and transparency. Treasurer Joe Hockey and Prime Minister Tony Abbott had been supporting the idea of Australia joining the bank as a founding member.

"A number of our close friends in New Zealand and the United Kingdom have signed up to negotiate with China on this and obviously the more countries that are involved and are having their concerns addressed then the easier it will be for Australia to have our concerns addressed," Bishop said on Monday.

Hockey last week said the government was reconsidering its position in light of UK and New Zealand support for the bank.

Prime Minister Abbott said on Sunday during an interview with Sky News that Australia is expected to make a decision within weeks on whether it will seek to join the AIIB. Endi