The Joint Standing Committee on Trade and Investment Growth has released a report examining how the Australian Government could support businesses and diversify trade markets and sources of foreign investment.
As was shown in “Pivot: Diversifying Australia’s Trade and Investment Profile”, Committee Chair George Christensen revealed that the country should take the opportunity to pivot towards new export markets and trade and investment opportunities in order to support sustainable economic growth.
“The Committee has recommended that the Government develop a plan for trade diversification and examine options to expand domestic investment and production. These reforms will protect Australia from the risks of having too many eggs in one basket,” Committee Chair Christensen said.
“Diversifying the range of products and services that Australia exports, including through greater support for future-focused and innovative industries, will further ensure Australia is not overexposed to trade disruptions or shocks in any one export market.”
The Committee also recommended protecting Australia’s national interest and national security, particularly in sensitive and critical sectors.
The Committee has also made 21 recommendations in the report, which include the following:
SOURCE: PARLIAMENT OF AUSTRALIA MEDIA RELEASE
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