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Free Trade Agreements: Education

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Question:

Discuss about the Free Trade Agreements for Education.

 

Answer:

Introduction

Australian trade is a powerful function, which is observable by the huge number of exchange of goods and services with other nations. Australia is the sixth largest countries in the world in area wise and world’s 13th largest economic giants. It is also stood as 9th largest country in world when per capita income is considered. It is one of the richest countries in the with better quality of life and standard of living. It has great ranks in health, education, civil liberalities and economic freedom. Tourism, education, banking industry has been the key businesses of the country’s economic development. Australia has diversified nature that had great dealings and agreement in terms of trading and foreign investments (Freeman & Hammer, 2014). The top exports of the country from the present reports says that coal, Iron Ores, Natural gas, gold, beef, aluminum ores, Education-related travel services, crude petroleum, wheat, personal travel services. In recent times, Australia has been involved in number of free trade agreements among different nations. One such free trade agreement is trans pacific trade agreement. The Trans-Pacific Partnership (TPP), or the Trans Pacific Partnership Agreement (TPPA), is a trade agreement between Australia, Canada, Brunei, Japan, Malaysia, Chile, Mexico, New Zealand, Peru, Singapore, the United States (until 23 January 2017) and Vietnam. The objective of this trade agreement is to promote economic growth; support the creation and retention of jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in the signatories' countries; and promote transparency, good governance, and enhanced labor and environmental protections. The objective of this essay is to discuss the controversial nature of free trade agreements like trans pacific. The essay would discuss the advantages and disadvantages of free trade agreements for employees, employers and other stakeholders.

 

Analysis

When it comes to Australia, the country has always welcomed the free trade agreements with other nations. Australia is the member country of G20, United Nations, ANZUS, Commonwealth of Nations, world trade organization, Organization of Economic co-operation and development (OECD), Pacific Lands forum and Asia-Pacific Economic Co-operation. This membership will entitle the relationship between and among countries of the unions and dealings. Australia has free trade agreements with different countries in world such has China, India, New Zealand, Thailand, United States of America, Countries in Europe, Singapore, Malaysia, Korea, Japan and Indonesia etc., that which are neighboring and have continued relationship with countries for better benefits of people and better place to live. Coming to free trade agreements, Australia is one of the developed countries in the world, which is dealt with many trade relations with many countries. Development of information technology has improved has its trade dealings with other countries. From the latest reports from the Australian government it is noticed that the major exports from the country are Iron ores and concentrates, coal, Natural gas, Education- related transport services, personal travel services (Tourism and business relations), gold, crude petroleum, Beef, Wheat and aluminum ores and concentrates (Naoi & Urata, 2013).

There were many factors that have affected the international trade of Australia. International Tourism Engagement is one of them. There is a significant increase in international tourism industry in Australia.  Australia has signed memorandum of understanding with countries like China and India to boost tourism in the country.  Another important thing is the Free Trade Agreements (FTA) to improve the trade in the country.  FTAs helped Australia to access crucial markets, to improve its competitive position for its exports, and to reduce import costs for domestic businesses and consumers. Australia recently signed Free trade agreements with China, Japan, Korea, and Trans-Pacific partnership countries have make sure that the Australia maintain their dominance in the global market.  Australia is also the member of WTO since its inception and one of the founding members of GATT. It shows the positive approach of the country to promote globalization (Rodriguez & Phelps, 2015).

 

Benefits of Free Trade Agreements

The benefits of free trade agreements like tarns pacific partnership is observed for different stakeholders. The benefits of free trade agreements for three key stakeholders can be discussed as:

Employees: With free trade agreements there is an increase in the number of transactions between the organizations of different countries. For example, with trans pacific partnership, there has been an increase in the trade between Australia and China. Due to an increase in the transaction in the business, the employees of the home country get a chance to work with the organizations of other countries (Thow & Snowdon, 2015). For example, trans pacific partnership has been a platform for Chinese people to work with or work for Australian companies. This increases the demand and bargaining power of employees, thereby proving beneficial for employees.

Organizations/ Employers: With free trade agreements like trans pacific, organizations get a chance to expand outside the domestic boundaries. For example, the trans pacific agreement has set a platform for Chinese companies to expand in the neighbor countries. The expansion in new markets means new opportunities for organizations, thereby creating positive opportunities for employers.

Society at large: With free trade agreements there is a positive impact on the outlook of society and common people. The common people get to learn about the culture of different society as this also helps the people to gain exposure of different cultures (Thow & Snowdon, 2015). There is also positive economic growth with free trade agreements that would further help the society at large.

 

Disadvantages/ Risks of Free Trade Agreements

The benefits of free trade agreements definitely increase the push towards the free trade agreements. However, it is also important that the governments should also be aware of the disadvantages of free trade agreements (Suriya & Gan, 2014). The disadvantages or the risks of free trade agreements for different stakeholders can be discussed as:

 

Disadvantages of Free Trade Agreements

Employees: With free trade agreements there is limited prevention of the domestic workforce and the employees would always be under the threat of job security. With the free trade agreement like trans pacific the dependency of organizations over employees have reduced.

Organizations/ Employers: With free trade agreements there are chances of increase in the competitive forces among organizations. With the free trade agreements like trans pacific, the small organizations may find it difficult to survive (Suriya & Gan, 2014).

Society at large: With free trade agreements like trans pacific, there is a risk for society to get influenced by the culture of other nations. This is the risk that comes along with the free trade agreement at the macro level.

Conclusion

The above paper discusses the pros and cons of free trade agreements. With the above discussion it can be said that free trade agreements are integral part of international business strategy. The free trade agreement like trans pacific is particularly more important for developed nations like Australia as the emerging and developing nations look forward to developed nations for support. Just like every developed country, the trade is the heart of the economy for Australia. No country can survive with its own in today’s competitive markets. One can easily describe the condition of contemporary world as a one big globalized market. The things, which are traded by Australia, include Minerals Fuels, Pharmaceuticals, Processed agriculture, unprocessed agriculture (livestock), unprocessed agriculture (crops), Chemicals & related products, Engineering products, Vehicle & transport equipment and some confidential items of trade. According to the report of Department of Foreign Affairs and Trade as of 2014, the top ten Export items include Iron ores & concentrates, coal, natural gas, education-related travel services, personal travel services, gold, crude petroleum, beef, aluminum ores, and wheat (Friel & Ponnamperuma, 2016).

Australia has trade relations with different countries in this world. There are free-trade agreements with many countries like china, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Singapore, Thailand and United States etc. There will be certain treaties and agreements with countries in manner of exports and imports of goods and services. Technology and ICT development has enhanced these properties of trading into another, which began a revolution, and signing of many other trade agreements (Solis & Katada, 2015). For reduction of costs, flexibility, security, enhanced service and multi-tasking these trade dealing is important that which improve the position of the country and it’s diversify nature to other countries. It would be correct to say that the stakeholders involved in free trade agreement should work together to overcome the risks of free trade agreements. The free trade agreements like trans pacific will prove beneficial for stakeholders only when the associating risks could be minimized.

 

References

Freeman, J.T., Hammer, D. and Thomas, M., 2014. The future prospects of regulating in the interest of public health under the Trans Pacific Partnership Agreement: the example of agricultural antibiotic use. NZ Med J, 127(1393), pp.126-8.

Friel, S., Ponnamperuma, S., Schram, A., Gleeson, D., Kay, A., Thow, A.M. and Labonte, R., 2016. Shaping the discourse: What has the food industry been lobbying for in the Trans Pacific Partnership trade agreement and what are the implications for dietary health?. Critical Public Health, 26(5), pp.518-529.

Naoi, M. and Urata, S., 2013. Free Trade Agreements and Domestic Politics: The Case of the Trans?Pacific Partnership Agreement. Asian Economic Policy Review, 8(2), pp.326-349.

Rodriguez, M. and Phelps, J., 2015. Trans-Pacific Partnership: Add conservation to US trade agreement. Nature, 523(7561), pp.410-410.

Solís, M. and Katada, S.N., 2015. Unlikely Pivotal States in Competitive Free Trade Agreement Diffusion: The Effect of Japan's Trans-Pacific Partnership Participation on Asia-Pacific Regional Integration. New Political Economy, 20(2), pp.155-177.

Suriya, P., Gan, C., Hu, B. and Cohen, D.A., 2014. The Impacts of the Thailand-Australia Free Trade Agreement and Thailand-New Zealand Closer Economic Partnership on Thai Dairy Import Prices, Journal of GMS Development Studies, Vol. 6, pp. 37–53.

Thow, A.M., Snowdon, W., Labonté, R., Gleeson, D., Stuckler, D., Hattersley, L., Schram, A., Kay, A. and Friel, S., 2015. Will the next generation of preferential trade and investment agreements undermine prevention of noncommunicable diseases? A prospective policy analysis of the Trans Pacific Partnership Agreement. Health Policy, 119(1), pp.88-96.

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