ABSTRACT
This chapter discusses the indicators used to identify small economies and examines how small economies can tap into and benefit from global value chains in goods and services trade. It does this by identifying some of the main opportunities and challenges. The chapter provides a discussion on some of the evidence of integration of small economies in Global value chains and their various experiences, especially in the agrifood, seafood and the textiles and clothing value chains. Some services value chains have also been examined in the tourism and information technology sectors. The chapter looks at how understanding of value chains has evolved and what small economies can do to secure either a greater share of the production process of a value chain or retain more value in their respective markets. While relatively few public officials consider labour skills as a major obstacle, it was mentioned by about 45% of the responding firms as a main national supply-side constraint.
