Business Publications

Trade liberalisation

Intheblack, Sep 2009 by Petty, Richard

THE RECENT 2009 WORLD TRADE

Report from the World Trade Organisation (WTO) concluded that in times of economic crisis governments are under increasing pressure to adopt measures which often result in the restriction of trade. If these pressures are not addressed they can have a negative long-term Impact on the global economy. This suggests that if long-term economic prosperity is a global goal, then an ongoing program of trade liberalisation is a smart move. CPA Australia and other professional service providers would certainly welcome such a move.

Exporting professional services to developing markets such as China, Malaysia and Vietnam provides investment opportunities that are also likely to be of lasting benefit to Australia. CPA Australia is a leading exporter of education and is committed to supporting the progression of professional accounting bodies in developing nations. Further, we have been engaged in specific activities and initiatives in recent months which are helping to position members and their capabilities in the right way with the right organisations and the right people.

For instance, CPA Australia was recently invited to contribute to the preparations for resumed negotiations related to the Malaysia-Australia Free Trade Agreement (MAFA). And we are assisting the Australian government with its mission to establish long-hoped-for free trade agreements with China and India. CPA Australia has made it clear that trade agreements with developing nations must go beyond market access Issues and should include, for example, a requirement that a world-class regulatory framework be established to support sustainable development.

In recent months, CPA Australia has engaged in further activity related to opening up potential trade opportunities by working with other organisations to develop a prospective trade and economic agreement between Australia, New Zealand and Pacific Island Forum Countries. This prospective agreement is commonly referred to as PACER Plus.

PACER Plus alms to build trade capacity and to develop trade in ways that strengthen the ability of Forum Island Countries to conduct trade. In so doing, It is consistent with Australia's objective of assisting the region to promote sustainable economic development.

Further, in July this year, CPA Australia was a member of a business delegation to Vietnam with the Australian trade minister Simon Crean. The delegation contributed to the eighth meeting of the Joint Trade and Economic Cooperation Committee (JTECC) which was co-chaired by the Vietnamese Minister for Planning and Investment His Excellency Vo Hong Phuc.

The work being done by CPA Australia in support of opening markets to create trade opportunities is likely to lead to an increased need for accountants throughout South East Asia and beyond. The owners of foreign capital need to be confident that they are investing in stable and well-regulated economies in order for the capital markets to function as they should.

CPA Australia is committed to helping governments, other professional accounting bodies, and Its members to drive regional and global economic growth.