The Australian APEC Study Centre recently hosted a briefing lunch, focusing on business and trade opportunities for the Australian legal services sector.
In order to strengthen our ties with regional partners and cement our foundation for the next phase of Australia’s economic outlook, in 2015, the Australian Government entered into three comprehensive bilateral Free Trade Agreements (FTAs) that have unlocked significant economic opportunities in some of Australia’s largest export markets for both goods and services.
On the 21 st of September 2017, The Australian APEC Study Centre, RMIT University hosted a Briefing Lunch on the Business and Trade Opportunities that have been unlocked by The China-Australia Free Trade Agreement (ChAFTA), the Japan-Australia Economic Partnership Agreement (JAEPA) and the Korea-Australia Free Trade Agreement (KAFTA).
The Briefing Lunch focused on the Legal Services Sector highlighting to Australian companies and firms that there is huge potential to expand in these fast growing Asian markets.
On the day, Kristen Bondietti, Principal Trade Consultant at ITS Global (Asia Pacific) presented her analysis of these FTAs and the benefits these markets outline for Australian Legal Service providers.
“China, Japan and Korea are significant services export markets for Australia. China was our top export destination for services in 2016 valued at $11.2billion. Exports to Japan and Korea were also substantial, each valued at over $2billion. Together the three markets take over 50% of Australia’s legal services exports.”
Further discussions between subject matter experts; Associate Professor Andrew Godwin, Associate Director of the Asian Law Centre at the University of Melbourne, Julian Barendse, Senior Associate at
Allens Linklaters and Dr Rajesh Sharma, Senior Lecturer at RMIT University, reinforced the potential these agreements have on the legal services sector.
While considerable momentum has developed in these markets "there is still significant room for these relationships to grow,” Alan Oxley, Chairman of the Australian APEC Study Centre.
This event was an initiative supported through Austrade’s Free Trade Agreement Training Provider Grant, established to assist Australian small and medium-sized enterprises and various stakeholders understand how to use and access FTAs with Korea, Japan, and China.
Story: John Farrugia