May 19, 2020

Australian Business Council welcomes new trade agreement

trade
World Trade Organisation
Trade Facilitation Agreement (TFA)
Business Council Australia
Harry Allan
2 min
Australian Business Council welcomes new trade agreement

The World Trade Organisation’s Trade Facilitation Agreement (TFA) has just been inaugurated and, according to the Business Council, will have profound effects for Australian businesses.

When in full swing, TFA will expedite the movement, release and clearance of goods, including goods in transit. The Agreement also provides fresh measures for effective cooperation between customs and other authorities on trade facilitation. It also contains provisions for technical assistance and capacity building in this area.

In response to the formal adoption of the Agreement Business Council chief executive Jennifer Westacott said: “When an agreement has the potential to add $1 trillion to the world economy, it’s worth pausing to welcome its entry into force.

“The World Trade Organisation’s Trade Facilitation Agreement has that potential, as well as to create 21 million jobs by removing red tape and streamlining unnecessary border clearance processes.

“The OECD estimates that full implementation of the agreement could reduce the costs of cross border trade by more than 10 per cent for developed countries.

“While Australia’s trade facilitation regime is already best practice, our exporters of goods, including food manufacturers, will be among the biggest beneficiaries from streamlined procedures in other countries, particularly for perishable and other time-sensitive consignments.

“Australia’s trade ministers and negotiators – both Labor and Coalition – have played a pivotal role in the successful conclusion of this agreement and should be congratulated.

“Trade is Australia’s lifeblood. It is the only way to provide the sustained economic growth that funds real increases in wages and living standards.

“Over the broad sweep of history, trading societies have been the most prosperous, constantly learning and borrowing from other cultures and stimulating new advances in science, philosophy and industry.

“At a time when the benefits of trade are being questioned, it will be crucial that bipartisan support for a more liberal world trading order and the institutional arrangements underpinning it continues.” 

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Jun 13, 2021

Seo JungJin: Who is EY’s World Entrepreneur of 2021?

EY
entrepreneurs
Leadership
celltrion
Kate Birch
3 min
From just US$45,000 capital in 2003 to a world-leading biopharma giant with revenues of US$1.69bn today, Seo JungJin is crowned EY World Entrepreneur 2021

Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.

Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.

JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.

Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.

Why was JungJin crowned King Entrepreneur?

A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.

The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.

According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.

Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.

“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”

How did JungJin get there?

JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.

Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.

And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.

With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.

“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”

 

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