Read the Country Risk Quarterly interactive guide for valuable insights on rapidly changing global markets, new opportunities and the latest political and economic risks that could affect your business.
After almost three decades of continuous economic expansion, Australia experienced its first official and brief recession in 2020, due to the COVID-19 pandemic. The country’s economy is bouncing back—although overshadowed by the ongoing global inflation—and continues to offer tremendous opportunity for Canadian companies in a variety of sectors. Openness to global trade and investment is firmly entrenched and is supported by a transparent business environment and well-established legal and regulatory regimes. Australia has strong economic ties with emerging and developed economies throughout the region, always looking to sign new trade agreements with key Asian partners. The country has been actively engaged in regional forums such as the Asia-Pacific Economic Cooperation (APEC) and the Association of Southeast Asian Nations (ASEAN). They’re also a Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member together with Canada. Canadian companies should look to leverage these trade agreements or explore partnerships with Australian firms to capitalize on the abundant opportunities available in neighbouring markets. Export Development Canada (EDC) serves Canadian companies in Australia through our local representation in Sydney.