Australia will encourage businesses diversify their trade into new and emerging markets, Trade Minister Don Farrell will say in a speech on Thursday, even as ties heal with China, its largest trading partner.

“It’s why this government has spent the last year working to diversify our trading relationships,” he will tell the National Press Club in Canberra.

“We’ve learnt valuable lessons over the last few years, and I encourage all Australian businesses to continue with their diversification plans – and take advantage of new and emerging markets,” according to Farrell, who recently returned from a visit to China.