CPA Australia champions a sustainable economy and boosts Sino-Australia trade collaboration at CIFTIS

BEIJING,Sept. 12,2024 -- CPA Australia is honoured to participate in the Australian Country Pavilion at the 2024 China International Fair for Trade in Services (CIFTIS) as a platinum partner for the first time. This participation highlights CPA Australia's ongoing commitment to strengthening bilateral trade and commerce collaborations between Australia and China as a leading professional accounting organisation.

Professor Dale Pinto FCPA (Aust.),CPA Australia Global President and Chair of the Board,along with other representativesfrom Australia and China attended the fair and participated in the Australian Country Pavilion opening ceremony.

Together with H E Mr Scott Dewar,Australian Ambassador to the People's Republic of China,Professor Pinto was invited to attend the opening ceremony of CIFTIS on behalf of CPA Australia. In his speech during the launch of the Australian Country Pavilion in National Convention Centre,he emphasised the mutual benefits of trade in services between Australia and China.

He noted,"In 2023,China emerged as Australia's largest services export partner. The value of Australian services exports to China surged by over A$5 billion to A$14.7 billion,accounting for 12.9 per cent of total services exports. This growth was driven by education-related travel. Meanwhile,Australia has become China's seventh largest trading partner.These figures emphasise the strong economic benefits of the bilateral trade in services.

"Australia's largest services export,international education,is injecting billions into the economy while strengthening ties with overseas students,including those from China. These connections and shared knowledge foster greater business opportunities and investment between Australia and China.

"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. 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.

"With more than 22,500 members in Greater China,we have been dedicated to promoting bilateral trade for the past seven decades by delivering high-quality information and training. This year marks the 10th anniversary of the establishment of the comprehensive strategic partnership between China and Australia. We are thrilled to partner with Austrade at CIFTIS to showcase trade in services to a wider audience in China and beyond."

This year's CIFTIS,themed 'Global Services,Shared Prosperity' features cutting-edge service products,with a focus on digital,intelligent and green services. On the second day of CIFTIS (13 September),CPA Australia,in partnership with Austrade,will co-host an ESG forum titled Empowering a Sustainable Global Economy. The forum will showcase insights from business leaders and experts on the latest trends and best practice in the green economy.

Professor Pinto explains,"Looking ahead,green and low-carbon services,along with technological innovation,will play a crucial role in trade. Thankfully,many companies are becoming more aware of these emerging trends."

"According to CPA Australia's recent regional survey on business technology use,nearly 70 per cent of professionals across Asia-Pacific indicated that their company's investment in technology has been beneficial for meeting sustainability goals. In the coming year,they expect to leverage technology primarily for identifying sustainability-related risks and opportunities,as well as for conducting sustainability reporting and engaging stakeholders."

Mr Lloyd Peng FCPA (Aust.),President of CPA Australia's North China Committee echoed these findings: "There is significant potential for investment and collaboration in the green economy and technological innovation between businesses in Australia and China,particularly in the areas like green energy and smart manufacturing. CPA Australia's surveys show many companies in China are embracing ESG practices and are strong investors in technologies that supports their green transition."

"We look forward to tomorrow's ESG forum,where local and overseas experts will share the latest trends and exchange views on changes to business models to drive sustainable development."

Another exciting highlight of the opening ceremony was CPA Australia signing Memorandums of Understanding (MoUs) with various associations and universities. These agreements underscore our long-term commitment to collaborating with local organisations to develop accounting professionals in mainland China.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world,with more than 173,000 members in over 100 countries and regions,including more than 22,500 members in Greater China. We have offices in Hong Kong,Beijing,Shanghai and Guangzhou. CPA Australia provides thought leadership on local,national,and international issues affecting the accounting profession and public interest. We engage with governments,regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes.