With our China relationship at its lowest point in decades, Australian businesses should be thinking more seriously about other attractive market destinations – while continuing to carefully manage trading relationships with China in 2021 and beyond.
Because of Australia’s existing trade agreements with other RCEP member countries, substantial tariff cuts on Australian exports are not the major advantage for us. But just as significant as trade flows, however, are the geopolitical implications of RCEP.
Migrants into Australia are a vitally important part the economy, worth $1.6 trillion by 2050. Migrants not only offer important economic benefits, they also bring diversity of thinking, innovation and growth to the Australian business landscape.
With China’s economy showing signs of recovery as the country begins to emerge from the COVID-19 epidemic, we can’t lose commercial sight that China remains incredibly important in the medium-long term to Australia.