NSW ready to do business under ChAFTA

NSW Premier Mike Baird will travel to China and lead a business delegation exploring opportunities under the China-Australia Free Trade Agreement (ChAFTA).

The visit from 4-7 November will be Mr Baird’s second official visit as Premier and will focus on promoting the state’s financial services sector to China.

“The NSW Government has a Sister-State relationship with Guangdong, the economic powerhouse of China, and I look forward to meeting government and business leaders in the capital city Guangzhou, as well as Beijing and Shanghai.

“China is a priority market for NSW and this visit will build on the successes already made since we released the dedicated China Strategy in September 2014.”

One of the greatest successes since the strategy was launched was China’s approval of Sydney to become an offshore settlement hub for the Chinese currency, the Renminbi, in November 2014.

China is the state’s largest bilateral merchandise trading partner – valued at about $33 billion in 2014-15 - and its importance to NSW is growing.

It is our most valuable tourism market, with almost half a million Chinese visitors arriving in NSW during the 2014-15 financial year, and largest market for foreign student enrolments in NSW.

Mr Baird will lead a financial services delegation made up of 15 NSW business leaders who will explore emerging opportunities through ChAFTA.

“When implemented, ChAFTA will give Australian and NSW firms an advantage in a very competitive market,” he said.

“Missions such as these allow us to continue working with our Chinese friends to be ready to take advantage of opportunities soon after they arise.”