Friday, Feb. 24, 2017

Why does Australia need to invest in trade promotion activities?

By Export Council of Australia · August 17, 2015

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Recent research by the UK government (UKTi) shows that:
• 85% of companies said exporting led to a level of growth not otherwise possible
• 87% of companies said exporting had significantly improved their profile or credibility
• 78% of companies said exporting had given them exposure to new ideas
• 73% of companies said exporting had increased the commercial lifespan of products or services
• 70% of companies said they had developed or modified a product or service due to doing business abroad

So why do we need to invest in building up the export capability of Australian companies?

Australian businesses enjoy more overseas opportunities than ever before, in the context of international demand for what this country produces and a growing array of liberalising trade agreements with our largest trading partners.

The challenge for Australia is to capitalise on these opportunities.

The trade development challenge is to provide the support businesses need to take advantage of these opportunities abroad.

Advancing Trade Development: A Study into International Trade Promotion

As a result of this examination of international best practice, the Export Council of Australia (ECA) are advocating to establish a framework for advancing trade development in Australia through a National Strategy and Plan for Trade, supported by six recommendations:

1. Increase support for training and skills development in international trade to increase Australian capability;
2. Increase 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. Create online resources and programmes that are current, easily accessible and user friendly;
4. Ensure 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. Improve engagement with Australia’s international business network;
6. Coordinate a brand strategy for Australian trade.

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