The paper "Trade Policy Formulation - Australia" is an outstanding example of business coursework. Each and every business requires policies to regulate, and award mandate to the transacting parties. In Australia, the government has the authority to formulate defined measures that will govern how transacting parties undertake their responsibilities in the business. Currently, there are various trade policies being enacted by the Australian government seeking to reinforce trade and foster admirable business relations. The current trend depicts that each and every nation is eyeing on implementing the globalization status which entails opening up domestic traders to the international scene (Winham 2004).
The Australian government is among the forerunners in the quest for globalization and hence has formulated an array of policies that are to be enacted in the foreseeable future. The main intent of the trade policy is to open up the Australian economy. In addition, trade policies protect the local industries from unfair international competition. In a general perspective, the Australian government is extremely cautioned on conferring international companies greater legal right that the domestic companies. In addition, the law enacted should be such that, it avails clear cut measures negating any form of discrimination that would arise in the course of international business (Donn 2003).
Since time immemorial, the Australian government has inculcated clear cut policies that would assist investor dispute resolution in the instance of an unexpected eventuality. It is expected that this policy will be implemented in the forthcoming trade regulations to foster trade agreements between Australia and its international trading partners. This is because; the trade agreement has to address the risks prevalent in the business fraternity.
They include; sovereignty risk, credit risk, default risk and currency risk. It is the mandate of the government to safeguard the interests of its business fraternity (Engaging Asia getting it right for Australian business 2011). The intention of this discussion is to delineate how international trade as a policy issue affects business operations in Australia. In addition, the paper seeks to discuss how the United States of America tackles the same international trade issue and how it affects the business operations (Inquiry into Australia's a trade and investment relations with Asia, the Pacific and Latin America 2011). It is vital to note that Australia has signed over 20 bilateral investment agreements or treaties most of them being with developing states.
The international trade agreements seek to ensure that the foreign investments will be accorded substantive protection by the host country. In addition, the treaties emphasize that international investors will be accorded fair competition and free from any discriminatory tendencies. On a highly procedural level, the international trade agreements seek to harness the advantages emanating from transacting with other nations on arm's length.
This implies that transactions are undertaken on a level of cohesion and agreement where each party garners an array of advantages. For instance, the double taxation treaty that has been signed by countries all over the world between their trading partners endeavors to negate double tax. This measure in itself encourages business practitioners between the transacting countries to engage in massive enterprises than before (Australian business law services: a report 2002).
Australian business law services: a report, 2002, Canberra: Australian Coalition of Service Industries :.
Blanpain, R, Bromwich, W, Rymkevich, O, Spattini, S, & Valdez, 2009, The modernization of labour law and industrial relations in a comparative perspective. Austin: Wolters Kluwer Law & Business ; .
Cushing, R, 2003, The Challenge of NAFTA: North America, Australia, New Zealand, and the world trade regime. Austin, Tex.: Lyndon B. Johnson School of Public Affairs :.
Donn, C, 2003, The Australian Council of Trade Unions: history and economic policy. Lanham, [MD: University Press of America.
Engaging Asia getting it right for Australian business, 2011, North Sydney: Australian Industry Group.
Engaging China: the realities for Australian business, 2009, North Sydney, N.S.W.: Australian Business Foundation.
European Australian Business, 2000, Sydney: The Council.
Fynmore, R, 2003, Australian business & diplomacy in the Asia-Pacific region: past, present & future. Sydney: Research Institute for Asia and the Pacific, University of Sydney.
Gunstone, A, 2007, Unfinished business: the Australian formal reconciliation process. North Melbourne, Vic.: Australian Scholarly Publishing.
Holland, K, 2002, The impact of the North America Free Trade Agreement on federal relations in Canada, the United States and Mexico. Adelaide, S.A., Australia: Centre for International Economic Studies, University of Adelaide.
Inquiry into Australia's trade and investment relations with Asia, the Pacific and Latin America, 2011, Canberra: Joint Standing Committee on Foreign Affairs, Defence and Trade.
Kerr, W. A., & Gaisford, J. D. (2007). Handbook on international trade policy. Cheltenham, UK: Edward Elgar.
Sheil, C, 2002, Globalisation Australian impacts. Sydney: UNSW Press.
The future of Australia's trade & investment relations with South America, 2007, Canberra, A.C.T.: Department of Foreign Affairs and Trade-AUSTRADE.
Winham, G, 2004, The evolution of international trade agreements. Toronto: University of Toronto Press.