Econ 1012 Principles Of Economics Assessment Answers
Answer:
The free trade agreements (FTAs) of Australia intend to maximise economic benefits for the country. Due to these agreements, the country experiences various opportunities at the time of exporting products while investors extend their businesses across the world. This trade agreement helps Australia to eliminate trade restrictions and consequently some large business organisations have successfully accessed their business in different markets across the world (Quansah & Ahn, 2017). This in turn has helped companies to compete with others in international market. In addition to this, companies and consumers do not experience any import costs. According to the report of Australia’s International Business Survey of 2016, 67 percent of total exporters of this country have confirmed that their business has improved compare to that of previous year. Moreover, the report has also found that around most of the exporters have intended to expand their business in many countries like China, India, the United Kingdom and the United States for the next two years. Thus, Australia experiences some advantages due to FTAs.
Considering the overall scenario, it can be said that free trade agreement has some positive as well as negative effects. Some chief benefits received from FTAs are production growth, economic development, international cooperation along with resource allocation and dynamic business environment (Rodrik, 2018). On the contrary, the business organisation has some negative impacts as well. For instance, it creates outsourcing of jobs, crowding out domestic industry and excessive use of natural resources. Thus, the impact of free trade can vary country wise.
References:
Quansah, K. A., & Ahn, W. C. (2017). The Effect of the Korea-Australia Free Trade Agreement (KAFTA) on the Korea-Australia Trade Structure. The Asian Journal of Shipping and Logistics, 33(4), 229-235.
Rodrik, D. (2018). What Do Trade Agreements Really Do?. Journal of Economic Perspectives, 32(2), 73-90.
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