Australian exporters are being urged to search for new Asian markets to fight the financial fallout of coronavirus and strained relations with China.
Commerce Minister Dan Tehan has launched the ultimate report of the Asia Taskforce – a joint challenge between the Asia Society and Enterprise Council of Australia.
It supplies a blueprint for Australia to compete extra efficiently within the area.
Mr Tehan stated enterprise and authorities wanted to work collectively with the intention to preserve commerce with Asia transferring.
“The Asia Taskforce does greater than make the argument that companies ought to increase into numerous markets throughout Asia,” he stated on Wednesday.
”It advocates a ‘Staff Australia’ method and identifies sensible, particular actions that enterprise and governments can take to strengthen the presence of Australia, and our companies, in Asia.”
The report proposes specializing in markets and sectors the place Australia has aggressive benefits, equivalent to healthcare in Indonesia and monetary companies in Japan, in addition to India, Vietnam and Korea.
Nevertheless, it finds diversification can not substitute the necessity to modify to Australia’s complicated relationship with China.
Enterprise Council chief Jennifer Westacott stated the rise of Asian economies and their rising center lessons introduced robust alternatives for Australian firms.
“However provided that we grasp the chance,” Ms Westacott stated.
“If we succeed, Australians may have the perfect requirements of residing on the planet but when we fail, we run the chance of changing into a second order financial system in a thriving area.”