Successfully negotiating free trade agreements (FTAs) with Asian nations is a challenge for Australian governments, but the deals are only of commercial value if businesses know how to get access to the concessions gained, and take action.
Access Asia unlocks new opportunities for Australian clients seeking to expand regionally by leveraging new Free Trade Agreements (FTAs), facilitating market entry strategy and advising on regulatory and operational risk. With only 19 percent of Australian export businesses using FTAs effectively, this offering allows companies to prepare to deal with complex trade issues and build a sustainable platform across Asia.
Economic modelling reveals that benefits from our recent North Asian agreements (China, Japan and Korea) could increase exports by more than 11 percent, and generate a cumulative Gross Domestic Profit (GDP) increase of more than AUD 24 billion in present value terms between 2016 and 2035.
On the flipside, KPMG’s modelling highlights that Australian merchandise exporters who underutilise FTAs will miss out on at least AUD 14 billion of potential export trade revenue over the next five years. This is a conservative view as it does not include underutilisation of opportunities for trade in services or foregone productivity gains – which is huge!
Access Asia is an integrated KPMG initiative comprising teams of dedicated specialists combining skills and experience to create a comprehensive offering for Australian companies accessing Asia.