Transcript: Australia's Free Trade Agreements - Future Business Asia
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Future Business Asia
>>Voiceover: It’s no secret that Asia and Australia make good business partners. Ten of Australia’s top 12 export markets are in Asia. The region is a major source of foreign direct investment, international students and tourism into Australia, and Australia provides the quality goods and services that fuel Asia’s rapid growth.
Now, business with north Asia’s three largest economies is set to grow under new trade agreements with China, Japan and South Korea. This powerful trifecta of agreements protects and advances Australia’s competitive position. They provide significant advantages in sectors where Australian goods and services are in demand, including agriculture, resources and services. The agreements also create new opportunities for bilateral investment and will bring vital new capital into Australia. There has never been a better time to enter or expand your business in China, Japan and South Korea.
>>Leonie Muldoon: (Translated from Japanese) Hello everyone. My name is Leonie Muldoon and I’m the Senior Trade Commissioner for Austrade in the Australian Embassy in Japan.
Australia’s wealth management firms are very well positioned to benefit from the opportunities opened up by JAEPA. Japan is the second largest capital market in the world and supports about A$17 trillion in investable wealth.
So for Australian fund management firms that have expertise across a whole raft of product sectors, this is a major opportunity.
The one thing I’d like to remind Australian companies about the Japan market is simply just how big it is, but also that it’s a reliable and predictable market. It’s a market that you’ll find tremendously rewarding.
>>Voiceover: The entry into force of the Japan-Australia Economic Partnership Agreement will enhance trade and investment with Japan. Japan’s next door neighbour, South Korea, also offers exceptional new opportunities under the Korea-Australia Free Trade Agreement.
>>Brett Cooper: (Translated from Korean) Hello, my name is Brett Cooper and I’m the Senior Trade Commissioner for Austrade in Seoul.
It’s important to show reliability and a long term commitment to your Korean partners. Korea is a unique market with sophisticated and highly discerning consumers. The opportunities are particularly good for Australian legal firms. Australian lawyers will be able to advise on Australian and international public law in Korea, and Australian legal firms will be able to establish a representative office in Korea under the terms of KAFTA.
>>Voiceover: The Korea-Australia Free Trade Agreement was the first of the three FTAs to enter into force and has already made an impact.
And then, there’s China.
>>Liu Bing: (Translated from Mandarin) Hello everyone, my name is Liu Bing and I’m the Senior Trade Commissioner for Austrade in Shanghai.
CHAFTA greatly enhances Australia’s competitiveness in key sectors such as agriculture, resources, energy, manufacture, exports and services. CHAFTA progressively reduces and eliminates tariffs on a range of food products that are in demand by China’s growing middle class. This includes beef, sheep meat, premium seafood such as lobsters and abalone, horticulture products and processed foods.
The rising level of disposable income in China means there are a significant number of people who are prepared to pay for high end goods and services.
>>Voiceover: China, Japan and South Korea each have unique characteristics, customs and business practices. Austrade has the people, knowledge and resources to help you navigate your way to success in these markets.
>>Leonie Muldoon: Austrade can really help Australian companies make connections.
>>Brett Cooper: To introduce Australian firms to potential partners and key decisions makers.
>>Liu Bing: They have worked in the market and can provide advice on where the best opportunities are.
>>Voiceover: The Free Trade Agreements have put the spotlight on Australia and increased awareness of Australia’s goods, services and capabilities.
Now is the time to do business in north Asia.