Although precise details are still being decided, this week´s announcement by Trade Minister Craig Emerson of a comprehensive reform of the Australian Trade Commission marks the beginning of a stronger focus for the organisation on Latin America including, of course, the emerging powerhouse that is Brazil.
With the reform aimed at better meeting the needs of Australian businesses, the organisation has determined that more of Austrade's work will be undertaken in the world's frontier and emerging markets, where Australian businesses can benefit most from government support, Dr Emerson said.
Beyond additional resources for Latin America, he stated that Austrade would look to establish offices in Mongolia and Central Asia and strengthen its presence in China and Africa, adding that the cost to individual companies seeking to do business in frontier or emerging markets can be prohibitively high.
Dr Emerson also affirmed that they see Latin America as offering growing prospects for Australian businesses and that, along with the other markets mentioned, it is where the big growth potential lies.
Additional details are expected to be released over the coming months, with initial changes to begin soon after.