site.btaNew Opportunities for Business with Australia Discussed in Sofia

Diplomats and businesspeople working for the development of Bulgaria's ties with Australia gathered in Sofia on December 13 on the occasion of the 50th anniversary of diplomatic relations between the two countries. The meeting was organized by the Bulgarian Australian Business Council (BABC).

Data from the Foreign Ministry in Sofia show that the Bulgarian community in Australia totals between 10,000 and 15,000 people. Another 5,000-plus live in New Zealand. There is much untapped potential in two-way trade, BABC said. The organization noted that it makes consistent efforts to promote business-to-business contacts and assist the sharing of economic, legal, educational and other information.

Trade relations between Australia and the European Union, which is the second most important trade partner to the Pacific country, can now develop further thanks to a Framework Agreement which became effective in October, BABC noted. It is aimed to encourage EU companies to export to Australia by offering them the same terms as those enjoyed by the signatories of the Trans-Pacific Partnership.

The EU and Australia have agreed on a shared commitment to labour rights and environmental protection, the safeguarding of distinctive EU regional foods and drinks against being imitated in Australia, and the possibility for EU companies to participate more actively in public procurement procedures in Australia. The process will be given an added impetus after the two sides sign a free trade agreement, the negotiations for which are expected to be completed in 2023, BABC said.

In 2021, Bulgarian exports to Australia amounted to AUD 85.2 million (approximately EUR 54.1 million), according to data from the Australian Government Department of Foreign Affairs and Trade, as quoted by BABC. Bulgarian exports to the Pacific country were dominated by copper products (AUD 55.4 million, or EUR 35.2 million). Imports from Australia to Bulgaria stood at AUD 95.7 million (EUR 60.8 million), with pharmaceuticals being the dominant article (AUD 7.9 million, or EUR 5.0 million), followed by cheese, electric equipment and vegetable fat.

Australia is No. 65 on the list of Bulgaria's most important export destinations and No. 41 among its source countries of import. Given the size of the market, these numbers can certainly be increased by intensifying business contacts and opening new areas of commercial exchange, BABC suggested.

BABC was established in 2018. Its mission is to encourage Australian entrepreneurs' interest in Bulgaria as a trade and investment partner, and vice versa. Its members include the main Australian investors in the Bulgarian economy and many Bulgarian companies which have gained a foothold on the Australian market or are just beginning to do business with that country. BABC's active membership of a network of bilateral business associations called Australian Business in Europe is a great advantage. It allows its members to participate in events outside Bulgaria and to stay up to date about the trade negotiations between Brussels and Canberra. The organization maintains close contact with the Australian Embassy in Athens and with Austrade, the Australian government's trade, investment and education promotion agency.