The Financial Services industry could benefit from a surge in cross-border activity following the ratification of the Korea/Australia Free Trade Agreement, the Financial Services Council (FSC) believes.
FSC CEO John Brogden said the local financial services industry, which was previously under-utilised in Korea, could see renewed demand for knowledge and skills from the Asian nation.
“The Free Trade Agreement will open up significant opportunities for Australia to increase the cross-border flows between Australia and Korea.”
Although South Korea is Australia’s third largest export market, Australia’s financial services expertise has been largely untapped to date, Brogden said.
“Initiatives like the South Korea Free Trade Agreement and the Murray Review will help deliver outcomes that facilitate Australian financial services exports to Asia and an export-oriented and globally competitive Australian financial services industry.
“We have a highly skilled financial services workforce which will benefit from a cross-cultural transfer of skills and knowledge,” Brogden said.
