Australian Services Trade in the Global Economy by OECD

Author:OECD
Language: eng
Format: epub
Tags: finance/economics/trade
Publisher: OECD Publishing
Published: 2018-10-30T16:00:00+00:00

Notes

← 1. Differences in business culture, difficulties with payments and protection of intellectual property rights were also important hurdles for Australian exporters (ECA, 2015). Recent findings show how the lack of clear information on market compliance and risks, external support, and on local customs and border procedures, as well as on the general regulatory environment of a foreign market, militate against Australian businesses entering and thriving in overseas markets (ECA, 2016).

← 2. Under the Extended Balance of Payment Services (EBOPS 2010) classification, the item Other business services includes R&D services, professional, management and consulting services, and other technical, trade-related and other business services. In EBOPS the item Financial services refers only to financial intermediary and auxiliary services between residents and non-residents, but does not include Insurance services, counted as a separate item. The statistics reported above do not include the category Insurance services, but for the purpose of this assessment, the use of the term Financial services hereafter should be interpreted to include both services categories to match the OECD STRI definition of Financial services.

← 3. Source: ABS, Australian Outward Foreign Affiliates Trade, 2002-03, catalogue no. 5495.0.

← 4. A more focused and recent study by the Law Council of Australia found that Australia’s provision of legal services from law firms established abroad was valued at AUD 141 million in 2010-11, which is a small fraction (around 18%) of Australia’s total exports of legal services, even smaller than the one estimated for all professional services by the ABS survey in 2002-03.

← 5. Source: ABS, Australian Outward Finance and Insurance Foreign Affiliate Trade, 2009-10, catalogue no. 5485.0.

← 6. The Trade in Services Protocol was added to the Australia – New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) in January 1989. In addition, Australia has FTAs in force with ASEAN and New Zealand (AANZFTA), Chile, China, Japan, Korea, Malaysia, Singapore, Thailand and the United States. FTAs concluded, but not yet in force, include with Peru, the Pacific Agreement on Closer Economic Relations Plus (PACER Plus) and the Trans-Pacific Partnership (TPP). Many of Australia’s FTAs include commitments to review the chapters on services (e.g. a review of the China-Australia FTA chapter on trade in services commenced in 2017). Australia is also negotiating a number of FTAs including with Indonesia, the Pacific Alliance and parties involved in the Regional Comprehensive Economic Partnership (RCEP).

← 7. Exports of financial services and other business services to India were AUD 51 million and AUD 33 million in 2016. Negotiations for the India-Australia Comprehensive Economic Cooperation Agreement (IA-CECA) began in 2011, with the last round held in September 2015. Recently, there has been renewed interest in intensifying economic ties between the two countries. In April 2017, the Australian Government commissioned an independent India Economic Strategy to chart a course for this economic partnership.

← 8. Other free trade agreements liberalising cross-border trade in financial services for Australian providers include JAEPA with Japan, liberalising wholesale securities transactions, investment advice and portfolio management and KAFTA with Korea, liberalising investment advice and portfolio management

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