Increasing trade development vital to Australia’s economic prosperity
The Export Council of Australia (ECA) has released a report highlighting the trade promotion activities offered by 10 of Australia’s key export competitors.
The Advancing Trade Development report provides a solid foundation for understanding best practice and illustrates that the case for trade promotion organisations (TPOs) has never been stronger.
The United States, United Kingdom, New Zealand, and Singapore are examined in a bid to encourage government to take a long-term, strategic approach to developing Australia’s International Trade.
Chief Executive Officer for the Export Council of Australia Lisa McAuley said ow is the time for Australia to focus on diversifying our export sectors.
“We need to invest in long-term strategies that leverage best practice in trade promotion and create value for Australia.
“Trade Promotion has a role to play when it comes to increasing trade and the ECA wants to raise the debate in Australia about the need for a long term strategy for advancing Trade. Many of our key export competitors currently have long term business plans to develop export growth in their countries and Australia needs to look at introducing a bipartisan long-term plan for developing trade opportunities here.
“While Australia is the 12th largest economy we are only the 21st largest trader. In fact, just 1 per cent of exporters account for over 90 per centof all goods exported from Australia, which is much more concentrated than the international average.
“With a strategic approach to Trade Development, collectively we can build an economy that is more resilient when faced with fluctuations in commodity markets and the challenging economic climate that is affecting global markets today”, Ms McAuley said.
As a result of this examination of international best practice, the ECA is advocating for the establishment of a framework for advancing trade development in Australia through a National Plan for Trade, supported by six key recommendations:
1. Increasing support for training and skills development in international trade to increase Australia’s capability.
2. Increasing targeted support for high-potential companies (those with the capacity, capability and appetite) to internationalise and grow, including expanding financing options and greater involvement of diplomatic representation where appropriate.
3. Creating online resources and programmes that are easily accessible, user friendly and current.
4. Ensuring the performance of Australia’s trade programmes and services are measured and there is independent analysis of the outcomes of the National Plan for Trade.
5. Improving engagement with Australia’s international business network by providing mentoring and internship programmes that leverage the expertise of Australia’s international business community.
6. Coordinating a brand strategy for Australian trade.
Download the Advancing Trade Development report.
Lisa McAuley, Chief Executive Officer of the Export Council of Australia (ECA), has worked in international trade for over ten years. Lisa’s current term as CEO has seen the organisation focus on ground-breaking research and advocacy projects that place the global competitiveness of Australian SMEs at the heart of all the ECA’s projects. Lisa’s passion for international trade and respected voice in the industry puts her on the AmCham Trade Advisory Group and the Board of CargoHound.
