Australia is known as the “Land Down Under” as it is a large island continent in the Southern Hemisphere. Its population of over 25 million is made up of diverse cultures and the land is rich in natural resources.
Australia pursues bilateral relationships with many countries in order to promote shared interests and deal with shared challenges.
Australia exported a total of AU$469.9 billion worth of goods and services around the globe in 2019. Foreign investment is at record levels, demonstrating that Australian exporters are navigating challenging global economic conditions and foreign investors are confident about investing in the land Down Under.
Since Australia’s first free trade agreement, with New Zealand in 1983, trade agreements have reduced costs for Australian exporters and eased the pathway for Australian goods and services into foreign markets. When the agreements Australia is currently pursuing are finalised they will cover 88 per cent of Australian trade, up from around 70 per cent now.
The China Australia Free Trade Agreement (ChAFTA) came into effect in December 2015. Other recent developments include: the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and signing of the Peru-Australia Free Trade Agreement in 2018; and the signature of the Indonesia-Australia Comprehensive Economic Partnership and Hong Kong-Australia Free Trade Agreement in 2019.
Explore business in Australia
- “China is Australia’s largest trading partner with two-way trade valued at AU$214.6 billion in 2018 and reached a record AU$235 billion in 2019, driven by demand for Australian iron ore, coal and LNG. China is also Australia’s biggest services export market, particularly in education (over 205,000 students in 2018, an 11 per cent increase year on year)” (quoted from austrade.gov.au).
- We focus on serving clients wishing to invest or undertake business operations in Australia, such as education, health foods and healthcare products. These are some of the key exports of Australia to the wider global community. CW can assist clients to gain access into the greater Australian market.
- Not only can CW help a business set-up in Australia, CW can also help to source relevant services, products and resources at our client’s bespoke request. CW is here to help our clients to work out a detailed plan to establish businesses in Australia.
China-Australia Connectivity – CW “Connect the World”
- CW has been assisting clients coming from Australia to gain entry into the Greater Bay Area (“GBA”), through helping clients to set-up company in Hong Kong and providing professional business and accounting advice. With our strong connection network with China, CW believed we are our clients’ trusted adviser and good connector. For more information, please visit https://www.cwhkcpa.com/en/greater-bay-area-gba/
A free-trade agreement between Hong Kong and Australia (FTA)
- In January 2020, the free trade agreement (FTA) entered between Australia and Hong Kong came into effect. It aims to provide more business opportunities between Australia and Hong Kong. According to Mr. Edward Yau, the secretary for Commerce and Economic Development of Hong Kong SAR, the agreements enable Hong Kong goods, services and investment to enter both Hong Kong and Australia’s market under more preferential terms. For example, on trade in goods, all Hong Kong-originating goods can enter Australia with tariff-free and via simplified procedures.
- As your good connector, CW can walk along the path with our clients to explore such great business opportunities.
CW’s Latin Department with Spanish-speaking expert Advisors
- A breakthrough business opportunity launched in February 2020, The Peru-Australia Free Trade Agreement (PAFTA). This Agreement provides Australian businesses a gateway to Latin America, strengthening the economic relationships with the region and helping facilitate value chains between the countries. But why CW can help? Our Partner, Mr. Thomas Wong started his footprints to promote doing business in Latin America for the last 15 years. CW has the Latin Department, Spanish and Portuguese business advisory desks in both Hong Kong and China offices. Our strong language capability in CW, both English and Spanish, enables CW to become a mediator to help Australian or Spanish speaking clients who wishes to do cross border investments.
CW’s Australia Desk in Sydney to promote China-Australia connectivity
- In view of the above great business cooperation, CW set-up the Australia business desk in 2017. We have our own consultant based in Sydney, Australia with the aim to provide timely advisory services. On the other hand, we have a strong China Consultancy team which can provide localized services with aspects relating to China and the growing Greater Bay Area.
Caroline Cheung (Australia)