ECON1086: You work in the Department of Foreign Affairs and Trade of Australia. Your department will be hosting a workshop: Business in the Globalized Economy Assignment, RMIT, Singapore

You work in the Department of Foreign Affairs and Trade of Australia. Your department will be hosting a workshop on the Global Value Chains, challenges, and opportunities for Australia, with participants from academia, industry, government, and non-profit organizations. To prepare for this workshop, you plan to first write a report on GVCs by giving a relevant example. To appeal to the audience, you wish to focus on a GVC in which Australia participates, that is, Australian inputs are used to produce final products.

1. Touch on the context of GVCs: their emergence and the driving forces.
2. Give an example of GVC in which Australia participates, that is, Australian inputs are used to produce final products. Insert a diagram/figure of this GVC. Identify the key countries that participate in this GVC.
3. Elaborate on the theoretical foundations of GVCs. Explain what determines each country’s participation and position along the GVC in your example.