Australian companies used to think of exporting in terms of making a better mousetrap, and having the world beat a path to their door. But the days of selling directly to wholesalers and end-customers have largely been replaced by finding a niche in the “value chain,” the succession of activities that create or add actual value at every stage of making a product.
“We know that about 70 per cent of world trade is structured within global value chains (GVCs) of multi-national corporations,” says Trade Minister Steve Ciobo. “Increased engagement in GVCs by Australian firms is therefore essential to boost Australia’s relevance and competitiveness in an increasingly complex global economy.”
The minister says Australian governments have worked hard to give the nation’s companies supportive trade settings. “Our Free Trade Agreement (FTA) network allows Australian companies to compete across borders as never before. Australia’s economy benefits strongly from Asian growth, which is why we have pursued such an active trade negotiations agenda.”
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