INTERNATIONAL TRADE AND INVESTMENT
While established markets in Wagga Wagga guarantee businesses access to both regional and domestic markets, international trade and access to international markets continues to be a key economic driver in our national economy. International trade stimulates economic growth and allows countries to specialise in the production of products in which they have a comparative advantage.
The importance for companies to have the option to explore overseas markets is imperative in order to remain competitive on the international stage and a number of our Wagga Wagga businesses have already explored these options and are reaping the benefits.
Angus Armour, Chief Executive of the Export Finance and Insurance Corporation
(EFIC) says "If you have firms that can compete overseas and succeed then you have world class firms and that pays dividends and benefits productivity and efficiency in ways that they couldn't if they are only serving a market of 22 million people". (BRW June 2010)
Wagga Wagga is ideally located to position itself as a major exporter of goods and services now and into the future. The strategic location of Wagga between Sydney and Melbourne ports highlights its accessibility to export markets, while its stand-out infrastructure sets it apart from its regional counterparts.
Across the globe, there is an expanding network of free trade agreements (FTA's) which are helping Australian exporters access new markets and expand trade in existing markets by amongst other things, allowing Australian producers and manufacturers export goods to the signatory countries under reduced or no tariffs.
Australia has six FTA's currently in force with the USA, New Zealand, Singapore, Thailand, Chile and (with New Zealand) the Association of South East Asian Nations (ASEAN). The countries covered by these FTA's account for 28 per cent of Australia's total trade.
Nine more FTA's are under negotiation, including with China, India, Japan, Malaysia and the Republic of Korea. The countries covered by these negotiations account for a further 44 per cent of Australia's trade.
Government agencies including Austrade (Australian Government) under its TradeStart partnership and NSW Trade and Investment (NSW Government) together with organisations such as the NSW Business Chamber provide existing, new and potential exporters a variety of resources including information, workshops, one-to-one mentoring and financial assistance (subject to meeting eligibility criteria) to assist them develop the skills and capability to export as well as research, identify and access international market opportunities.
Export advisors work one on one with companies to look at their specific needs when considering markets, location and product. Export advisors use networks they have developed with overseas counterparts to ‘business match' Australian exporters with potential buyers and/or investors.
The opportunity to participate in trade missions and exhibitions also exists and is an excellent way for exporters to develop further links with potential customers, partners.
Existing exporters and those businesses considering exporting should speak to the local Export Adviser for further information.
NSW Trade & Investment
48 Fitzmaurice Street
PO Box 1156
Wagga Wagga NSW 2650
T: + 61 2 6921 6422 | F: + 61 2 6921 0780
W: www.trade.nsw.gov.au | www.export.nsw.gov.au
Sources: BRW Magazine (June 10-16 2010)
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