Minister for Trade and Investment, Andrew Robb today launched the OECD-WTO-World Bank Global Value Chains Report.
The report is the product of a collective request by G20 leaders seeking a better understanding of the rapid expansion and positive impact of participation in global value chains to support economic growth and job creation.
"The report makes a number of recommendations that I will strongly encourage my counterparts to take forward at the Trade Ministers Meeting on Saturday. Central among these is implementation of the Agreement on Trade Facilitation”, Mr Robb said.
“Global implementation of the Agreement will provide a major boost to jobs and growth by reducing the cost of trading across borders. Two-thirds of the expected benefits are anticipated to flow to developing countries.
“In Australia we’re focused on actions to reduce the costs of doing business and promoting an environment that allows business to link with opportunities around the world.
“Similar steps across the G20 will be crucial if we are to achieve the two per cent growth goal we have set ourselves and create positive spill-overs to non-G20 member economies,” Mr Robb said.
The report also recommends countries ensure preferential trade agreements create better business outcomes and that G20 members pursue investments in education, skills and training.
Mr Robb thanked OECD Secretary-General Angel Gurría and World Bank Senior Director Anabel Gonzalez for the strong contribution the report made to policy discussions. He also recognised the work of co-author, the WTO.
Mr Robb tabled the Agreement on Trade Facilitation in Parliament on 18 June 2014 and Australia is working to assist developing countries. In February 2014 the G20 agreed to implement policies to lift global growth by at least 2 per cent above the current trajectory over the next five years.
Mr Robb will welcome G20 Trade Ministers to Sydney this week (18-19 July) as host of the G20 Trade Ministers meeting in Australia’s G20 year. An international investment forum will also be held – as part of the Coalition’s agenda to drive foreign investment.
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