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 (deliver) final products (services).

Your report should:

1. Give an example of GVC which involves at least three countries and in which Australia participates, that is, Australian inputs are used to produce (deliver) final products (services). Insert a diagram/figure of this GVC. Identify the key activities done by key participating countries in this GVC.

2. Elaborate the theoretical foundations of GVCs. Explain what determines each key country's participation and position along the GVC in your example.

3. Examine the relationship between globalization and living standards by utilizing the data provided in this assignment (please read data notes carefully).

a) Openness to trade is one of the measures of globalization degree for a country. Does it make sense some countries register an openness of more than 100%? Explain.

b) Visualize (using appropriate graph(s)) the relationship between openness and living standards based on the assignment data.

c) Now direct yourself to the same data sources for more data. Can you visualize the relationship between openness and living standards based on the Australian experience?

d) Discuss whether your graphs in b) and c) above support the idea of globalization as a growth/development strategy.