Our economic diplomacy work varies across countries, including different levels of economic development.
For example, under the trade pillar, our engagement with lower income countries includes aid for trade – assisting partner countries to engage and be competitive in the global trading system. This can help boost partner country income and in time open up new markets for Australian exporters. As countries' incomes increase, our engagement looks to build deeper integration in established markets for Australian exporters and consumers.
Under the growth pillar, our aid program assists lower income countries with economic and financial reform measures to build the foundations for sustainable growth. At the middle and higher end of the per capita income scale, we work with countries in international forums, such as the G20, to build cooperation for global growth.
Under the investment pillar, our aid program helps lower income countries create an enabling environment for investment. This enables the growth of local industries and the provision of infrastructure. As the environment for investment is strengthened and per capita income grows, this creates new investment opportunities for Australian investors, and new sources of investment into Australia.
Under the business pillar, we work with lower income countries to create the right environment for their private sector to grow and be the engine of economic growth. In middle income countries we look to build new business linkages and tourism opportunities. And at the higher end we work to establish deeper business relationships.