Successful launch of euro currency is good news for WA

7/1/99

The successful launch of trading in the new European common currency is good news for Australia's leading export State, according to Commerce and Trade Minister Hendy Cowan.

"Trading in the euro has made a strong and stable start," Mr Cowan said.

"I expect Western Australian exporters will come to enjoy considerable benefits from the new currency arrangements."

The Minister said WA firms would now have fewer currencies to deal in.

"This should lead to a consolidation of banking relationships and more efficient administration of European accounting operations," he said.

"Businesses can expect banking costs to drop.

"As well, travel between the eleven European countries using the new currency should be easier.

"Working in euro currency should open up possibilities for conducting more business in Europe, coming on top of a cheaper Australian dollar for Western European importers. This is a prime time to test these markets."

Mr Cowan said WA companies trading in Europe should consult with their agents, distributors, suppliers and accountants to determine the urgency of changing their contracts into euros.

He said the WA Department of Commerce and Trade would be conducting a workshop in conjunction with the WA Chamber of Commerce and Industry at the end of the first quarter of trading in the common currency.

Media contact: Peter Jackson 9222 9595