New Chinese Trade Agreement May Boost Australia's Business Travel Scene
Earlier today, China and Australia sealed a landmark free-trade agreement that Reuters noted is poised to significantly expand ties between the world's second-largest economy and one of Washington's closest allies in Asia.
The deal, which Australia called the best ever between Beijing and a Western country, will open up Chinese markets to Australian farm exporters and the services sector while easing curbs on Chinese investment in Australia. It will also pave the way for increased business travel between the two nations as companies look to expand their international trade options.
Late last month, a report from the Global Business Travel Association noted that China has overtaken the United States to become the world’s largest economy in terms of purchasing power. Improving export performance as the world economy begins to improve is arguably an even more significant positive indicator for business travel, outbound in particular, the GBTA noted at the time.
China is already Australia's top trading partner, with two-way trade of around $130 billion in 2013. On Monday, they witnessed 14 commercial agreements between companies worth potentially more than $17.56 billion.
Australian Prime Minister Tony Abbott and Chinese President Xi Jinping signed a memorandum of understanding clinching the agreement during a ceremony in parliament in Canberra.
Australia at EIBTM
Just as Australia is set to see a business expansion in the Asian market from this trade agreement, the country's events scene is reaching out to Europe with a strong presence at this week's EIBTM conference in Barcelona. Business Events Australia is set to bring five vendors representing top business events products and experiences to EIBTM from November 18 to 20.
Business Events Australia has seen confidence returning from traditional markets in Europe since the global financial crises downturn1. Throughout 2014, larger incentive group bookings have steadily returned with the likes of automotive and IT sectors, in particular, making a come back. Increasingly, Australia is being recognized as a destination that can host business events that inspire excellent return on objective.
Australia’s business event infrastructure continues to attract global attention. The new AU$1.1 billion International Convention Centre Sydney (ICC Sydney) has already confirmed 17 events for 2017 and beyond. This includes The International Association of Restructuring Insolvency Bankruptcy Professionals (INSOL) World Quadrennial Congress 2017, the International Bar Association (IBA) Annual Conference 2017 and Sibos 2018. Sibos alone will bring 6,000 delegates to Sydney.
Meanwhile, the Melbourne Convention and Exhibition Centre will be extended to keep up with the increasing demand for event space. The expansion is looking to include additional exhibition and banquet space, smaller meeting rooms, new plenary options and an exciting new indoor-outdoor networking and entertainment space.
At this year’s EIBTM, Business Events Australia will also highlight its ‘Restaurant Australia’ campaign, which showcases the country’s food and wine experiences. Event planners can explore what culinary options are available at www.australia.com/restaurantaustralia.
The EIBTM Australian delegation includes Encore at Arinex Destination Management, Business Events Australia, Business Events Sydney, International Convention Centre Sydney, Melbourne Convention Bureau and Melbourne Convention and Exhibition Centre, and Ovation Australia.