New export opportunities for the South West

The Turnbull Government has launched negotiations to secure a Free Trade Agreement (FTA) with Hong Kong.

Mrs Marino said an FTA with Hong Kong will create new export opportunities for South West local service providers.

“This will be a very modern FTA focused on securing access for our service providers in areas such as education, law, finance, tourism, construction services, energy and mining-related services, transport and other professional services,” Mrs Marino said.

Australia’s services exports to Hong Kong increased by 50 per cent in the last five years to reach $2.4 billion in 2015-16.

“Services make up about 70 per cent of our economy and employ four out of five Australians, but account for just over 20 per cent of total exports,” Mrs Marino said.

“With Asia’s emerging middle class projected to grow from 600 million today to 3 billion by 2035, the potential for services exports is significant.

“An FTA with Hong Kong will complement the FTAs the Coalition concluded with Japan, China and Korea.”

Hong Kong was Australia’s eighth largest export market, worth $11 billion last financial year.

Overall Hong Kong was Australia’s 12th largest trading partner, with total two-way trade in goods and services worth $15.3 billion.

The Turnbull Government is pursuing an ambitious trade agenda. These new trade agreements will create export opportunities for South West businesses.

“More exports mean more local jobs,” Mrs Marino said.

The first round of negotiations will be held in Canberra later this month.