New plan targets North East Asian markets for increased trade
Friday, 14 July 2017
Markets in the Republic of Korea, Japan and Taiwan in North East Asia will be targeted in a new plan to increase trade and uncover opportunities.
Released today, the North East Asia Action Plan defines how South Australia’s businesses and government can work together to increase engagement, and implement effective actions, to assist strategic entry into these key markets with the aim of creating jobs, growth and investment for South Australia.
A key action in the plan is to build on existing relationships and export opportunities through business missions, and the Minister for Investment and Trade Martin Hamilton-Smith will lead a second business delegation to these markets in October 2017.
The action plan can be found at: www.statedevelopment.sa.gov.au/northeastasia
The North East Asia mission in November last year provided a platform for South Australian businesses to attract potential customers, importers and partners and meet with key decision-makers to gain an in-depth understanding of opportunities in the North East Asia market.
Free Trade Agreements with Japan through the Japan-Australia Economic Partnership Agreement (JAEPA) and with Korea through the Korea-Australia Free Trade Agreement (KAFTA) entered into force in January 2015 and December 2014 respectively.
The FTAs reduce tariffs, providing better access to the markets for Australian exporters in many areas of interest to South Australia, providing significant advantages over competing imports from other countries.
Quotes attributable to Investment and Trade Minister Martin Hamilton-Smith
The markets in North East Asia are highly developed and present significant business opportunities for South Australia.
These markets are active in outward investment and have technologically advanced manufacturing and research sectors complementary to our own.
With a GDP per capita of between USD$36,000 and USD$46,000 North East Asia is a market of wealthy and discerning consumers with an appetite for the types of products that South Australia excels at producing, such as premium food and wine.
South Australia has much to gain and contribute through a structured and pro-active program of activity.