American Chamber of Commerce Manager Shares Oz-US Trade Dynamics with ICMS and US MBA Students

American Chamber of Commerce in Australia (NSW) general manager Doug Grant recently shared insights about US-Australia trade dynamics during a visit by American MBA students to the International College of Management, Sydney (ICMS) in Northern Beaches, Australia.

Australia: Isolation breeds innovation

Mr Grant, pictured above, second from the right, started by talking about the trade history between the US and Australia. He pointed out how Australia, despite being far away from other countries, has done well by using creative ideas to tackle this distance.

“Isolation is a foundational part of who we are and how we do business, and because of this, we have had to come up with innovative ways to solve the problems of isolation,” he explained.

He cited the black box flight recorder and Wi-Fi technology as examples of Australian ingenuity born out of necessity.

Long-Standing Alliance between the US and Australia

The US and Australia have strong economic connections, with approximately a quarter of Australia’s inward foreign investment is from the United States. (Source: US Embassy)

This bond is supported by a long history of agreements like free trade deals and mutual defence assistance during wars.

Mr Grant stressed the importance of common values like freedom, security, and following the law in creating a stable atmosphere for business and growth, noting how the US and Australia align closely in these aspects.

Innovative Shift in Australian Exports: Embracing Service-Based Businesses

During his discussion on the evolution of what Australia exports, Mr Grant pointed out how companies like Canva and Atlassian are leading the way.

Beyond the traditional exports of cattle and minerals, these businesses offer valuable services. This change shows how Australia can adapt and bring new ideas to the international market.

Mutual Trade Opportunities

The partnership between the US and Australia offers benefits for both countries.

Australia’s strong economy and well-regulated banks make it a desirable place to invest money. Australian superannuation funds, which handle massive amounts of money, bring investment to the into the US economy too.

However, Mr Grant mentioned that factors like high taxes can impact how much foreign investment comes into Australia.

The Role of the American Chamber of Commerce US-Australia Trade

Mr Grant talked about how the American Chamber of Commerce helps boost global connections and trade between the US and Australia.

The Chamber works on advocating for different industries to see how policies affect trade and investing. They make it easier to connect by having a network of people, organising events to show off industry and government knowledge. Also, they share important details through research reports on growth and issues like cyber security, as well as arrange trade trips to strengthen economic bonds.

Australian Opportunities

Mr Grant urged students to think about the many opportunities available in Australia. For example, the country pays well for skilled workers and has a steady economy. And although in the past Australia used to import many skills through skilled migration, there’s now more focus on the development of skills internally.

Despite its small population, Australia competes on the global stage, particularly through its strong relationship with the US.

Student reaction

After the address, students were buzzing with insights.

“I enjoyed learning of the depth of the strategic alliance between us and Australia beyond simply the cultural similarities,” Kirsten Nordenhaug, an MBA student from the University of Minnesota, said.

Jiang Bing Li, a Chinese ICMS Master student, added,”As an international student studying in Australia, I am especially keen to learn more about the US-Australia trade relationship.”

Their responses reflected the general enthusiasm among the students to explore the details of global trade dynamics talked about in the session.

Mr Grant’s speech was a reminder of how important innovation, strong partnerships, and smart economic plans are for global trade. His ideas were not just educational but also motivating for the students, many of whom will be tomorrow’s leaders in business and international trade.

• Read more here about the recent ICMS campus visit by University of Minnesota Master of Business Administration (MBA) students.