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By now, developing countries are exporting parts and components used in some of the most sophisticated products on the planet. With the rise of global value chains (GVCs), workers in these countries are no longer just assembling imported parts for local sale, as has been done for decades. They are now participants in international production networks – in factories that cross borders.
This change is significant for economic development, as we argue in our forthcoming book, “Making Global Value Chains Work for Development.” GVCs will also be the subject of a discussion by World Bank Group President Dr. Jim Yong Kim, World Trade Organization Director-General Roberto Azevêdo, General Electric Vice Chairman John G. Rice, and Colombia Minister of Finance and Public Credit Mauricio Cárdenas -- and moderated by World Bank Trade and Competitiveness Senior Director Anabel González -- on Friday at “Transforming World Trade: Global Value Chains and Development,” a flagship event of the World Bank-IMF Annual Meetings.