| Following over 10 years of negotiations, the Australian and Chinese governments have announced a landmark China-Australia Free Trade Agreement (ChAFTA) to be finalised in 2015. The Australian government declared that it would enhance the country’s “competitive position in key areas such as agriculture, resources and energy, manufacturing exports, services and investment.”
In our view, the greatest long-term opportunity for Australia lies in the services sectors. China is Australia’s largest export market for both goods and services, accounting for nearly a third of total exports. We believe the relaxation of Australian regulatory barriers to Chinese investment and the facilitation of Australian investment into China will offer Australian services providers a huge advantage in terms of market access over global competitors. |