Indeed 1995-96 was a real breakthrough for the services sector. For the first time we recorded a surplus on services trade world-wide. I applaud that achievement. But we can do still more. Tonight I would like to spend a few minutes speaking to you about what the Government is doing to free up further the international trading environment for the services sector.
Services are an increasingly important focus of our trade strategy.
We rely heavily, of course, on business input to establish our negotiating objectives. The Government has established industry consultation groups in financial, telecommunications, accountancy, legal and engineering services. Good results have been obtained from bilateral activities, many jointly with industry, in the services sector. China has granted the ANZ a licence for a second branch, to operate in Beijing, which I was pleased to open during my recent visit there, and the law firm Blake Dawson and Waldron has been granted a licence to practice in Shanghai. Thailand has granted National Mutual Australasia a licence to operate in a joint venture arrangement with Thailand's General Finance Group and the Government Savings Bank.