Australia’s job-creating trade agreements are being widely used by Australian businesses, according to a research report released today.
The Free Trade Agreement Utilisation Study is the most robust and comprehensive evaluation of trade agreement utilisation in Australia to date.
The independent report reveals the trade agreements the Coalition delivered with China, Japan and Korea have been embraced by Australian exporters to tap into the north Asian powerhouse economies.
More than 80 per cent (by value) of eligible exports to China and Korea are benefitting from preferences secured under these agreements. In the case of Japan, this figure is as high as 95 per cent.
These trade agreements are delivering preferential access for Australian exporters, putting them in pole position to capitalise on the growing Asian market, which will be home to 3.5 billion middle-class consumers by 2030.
The report, by PricewaterhouseCoopers Australia (PwC), also finds trade agreements are having a positive impact on business confidence and activity.
The Turnbull Coalition Government is working to equip Australian businesses with the knowledge and know how to make the most of the country’s trade agreements so they can sell more of their products and services to the world. Doing so will grow trade, the economy and create new Australian jobs.
The Coalition’s FTA roadshow, which has travelled across the country teaching small businesses how to use trade agreements, will reach a milestone later this year, with its 100th seminar. The Turnbull Coalition Government is also continuing to expand the award-winning FTA Portal that provides easy-to-access information on trade agreements.
The Free Trade Agreement Utilisation Study was commissioned by the Department of Foreign Affairs and Trade, and is available on the DFAT website: http://dfat.gov.au/about-us/publications/trade-investment/Pages/free-trade-agreement-utilisation-study-pwc-report.aspx.
- Trade Minister's Office: (02) 6277 7420
- DFAT Media Liaison: (02) 6261 1555