Greek diaspora, tax treaty highlight prospects in Greek-Australian trade
As part of its strategic outreach efforts, Enterprise Greece last month engaged with Greek-Australian business leaders, lending its support to the negotiation of a double taxation treaty between the two countries to help foster stronger economic ties.
“Such an agreement would be a positive step to avoid double taxation, and would increase transactions of capital, goods, services and people’s movement between the two countries,” Enterprise Greece Executive Director and Board Member Betty Alexandropoulou told a select audience of Greek-Australian business leaders. “A Double Taxation Agreement would help spur mutually beneficial synergies.”
Greece currently exports almost €200 million (A$322.6 million) of goods to Australia, and those exports have been growing steadily during the last five years. The main categories of exported goods from Greece are: pharmaceutical products, fruits and nuts, plastic materials and products, as well as dairy products, eggs, honey and other animal foods.
But in the past few years, Greek food and beverage exports – widely associated with the healthy Mediterranean diet − have seen particularly strong growth worldwide amid rising popularity of healthy foods and healthy lifestyles. The growing demand for quality Greek foods have helped push Greek exports to new highs, with overall exports up almost 20% just in the first half of 2021.
With Australia’s sophisticated consumers and business know-how in the agro-food sector, trade relations between the two countries in the F&B sector – both in terms of Greek exports and Australian business investment − are expected to grow further.