MARKET DEVELOPMENT
Australia's Free Trade Agreement Benefits Go Far Beyond Exports
Australia's Free Trade Agreement Benefits Go Far Beyond Exports
27/02/2014 (Bernama) - The benefits of Australia's Free Trade Agreements (FTAs) go far beyond the removal of tariffs on goods and services traded between the country and its bilateral partners, says Craig West, chief executive of Succession Plus Pty Ltd here.
Australia has signed FTAs with Malaysia, New Zealand, the United States, Singapore, Thailand and Chile. The FTA with Korea was announced in December last year but not concluded.
West, who is also president of the Australian Chapter of Exit Planning Institute told Bernama that with more than 50,000 businesses coming onto the market for sale each year, Australian SME owners should consider these countries as not only export destinations but also a source of prospective buyers or investors.
Citing the Malaysia Australia Free Trade Agreement (MAFTA)that celebrated its first anniversary last month as an example, he said the Malaysian government was transforming the nation's economy under its Economic Transformation Programme (ETP).
"In doing so, Malaysia is propelling itself into a dynamic, modern, innovative and globally competitive nation through increased domestic wealth and consumption, as well as commercial success in international markets," he added.
There are 12 National Key Economic Areas that are the primary drivers and catalyst for change under the government's economic roadmap.
They are oil, gas and energy, palm oil, financial services, electronics & electrical, wholesale and retail, education, healthcare, communications and infrastructure, agriculture and tourism.
"Australia is well positioned to capitalise on Malaysia's economic strategy.
"The extent to which Australian companies can be seen as a destination for Malaysian investors, depends largely on our ability to engage with, and tailor opportunities for the market there.
"It is not unusual for an Australian business operating in an overseas market to be the focus of investments, mergers or takeover interest by local businesses and competitors," West said.
Australia has signed FTAs with Malaysia, New Zealand, the United States, Singapore, Thailand and Chile. The FTA with Korea was announced in December last year but not concluded.
West, who is also president of the Australian Chapter of Exit Planning Institute told Bernama that with more than 50,000 businesses coming onto the market for sale each year, Australian SME owners should consider these countries as not only export destinations but also a source of prospective buyers or investors.
Citing the Malaysia Australia Free Trade Agreement (MAFTA)that celebrated its first anniversary last month as an example, he said the Malaysian government was transforming the nation's economy under its Economic Transformation Programme (ETP).
"In doing so, Malaysia is propelling itself into a dynamic, modern, innovative and globally competitive nation through increased domestic wealth and consumption, as well as commercial success in international markets," he added.
There are 12 National Key Economic Areas that are the primary drivers and catalyst for change under the government's economic roadmap.
They are oil, gas and energy, palm oil, financial services, electronics & electrical, wholesale and retail, education, healthcare, communications and infrastructure, agriculture and tourism.
"Australia is well positioned to capitalise on Malaysia's economic strategy.
"The extent to which Australian companies can be seen as a destination for Malaysian investors, depends largely on our ability to engage with, and tailor opportunities for the market there.
"It is not unusual for an Australian business operating in an overseas market to be the focus of investments, mergers or takeover interest by local businesses and competitors," West said.