Accountants play vital role in Sino-Australia trade, says CPA
The professional body has shared its commitment to strengthening bilateral trade and collaboration with China at the 2024 China International Fair for Trade in Services.
CPA Australia announced the organisation took an active part in the Australian Country Pavilion at the 2024 China International Fair for Trade in Services (CIFTIS) last week as a platinum member for the first time.
The professional body said this participation highlighted the ongoing commitment to strengthening bilateral trade and commerce collaborations between Australia and China as a leading accounting organisation.
CPA Australia global president and chair Professor Dale Pinto FCPA attended the fair and opening ceremony for the Australian Country Pavilion alongside other Australian and Chinese representatives.
Pinto attended the ceremony on behalf of CPA Australia and gave a speech to acknowledge the launch of the Australian Country Pavilion and the mutual benefits of trade in services between Australia and China.
Pinto said CPA is dedicated to promoting bilateral trade, with this year marking the 10th anniversary of establishing the comprehensive strategic partnership between the two countries.
“As one of the world’s largest professional accounting bodies with strong ties to the education sector, we acknowledge the substantial economic benefits and lasting connections created through trade in services,” he said.
“Accounting and finance professionals are central to business decision-making and we are proud of the vital role our members in both countries play in promoting Sino-Australian cooperation.”
Pinto noted in his speech that China was Australia’s largest services export partner in 2023.
The value of Australian services exports to China surged by over $5 billion to $14.7 billion, accounting for 12.9 per cent of total services exports.
According to Pinto, this growth was driven by education-related travel.
The export services such as education to international students have directly contributed to the strengthening relationship, Pinto said.
“Australia’s largest services export, international education, is injecting billions into the economy while strengthening ties with overseas students, including those from China,” he said.
“These connections and shared knowledge foster greater business opportunities and investment between Australia and China.”
This year's CIFTIS theme was ‘Global Services, Shared Prosperity’, which focused on digital, intelligent and green services.
On the second day of the CIFTIS, CPA Australia hosted a forum which showcased insights from business leaders and experts on the latest trends and best practices in the green economy.
Based on a recent regional survey on business technology use conducted by CPA, nearly 70 per cent of professionals across Asia-Pacific said their company’s investment in technology has been beneficial to meeting sustainability goals.
Pinto said many companies have become more aware of the emerging trend between green and low-carbon services and technological innovation in trade.
CPA Australia North China committee president Lloyd Peng said the survey highlighted how many companies in China are embracing ESG practices and are strong investors in technologies that support the green transition.
“There is significant potential for investment and collaboration in the green economy and technological innovation between businesses in Australia and China, particularly in areas like green energy and smart manufacturing,” he said.
The opening ceremony of the event also allowed for the announcement of CPA Australia signing memorandums of understanding with various associations and universities.
CPA Australia said the agreements underscored its long-term commitment to collaborating with local organisations to develop accounting professionals in mainland China.
