The paper "The Trans-Pacific Partnership Agreement " is a perfect example of a business case study. The Trans-Pacific Partnership Agreement (TPPA) is a private, global trade agreement among different countries in matters of economic policy. The trans-pacific partnership agreement seeks to lower the barriers to trade like tariffs and customs duty. It also seeks to establish a common structure of intellectual property (IP) law in the whole world and revise international rules on its implementation (Fergusson, 2010, p 558). The TPPA agreement’ s goal is to enhance the international trade and investment among the partner countries to promote economic development, innovation and support the idea of the creation of jobs across the world.
Australia joined this Agreement the year 2008. Industry policy is the plan of Australia, and it's calculated effort to encourage growth and expansion of the industrial sector and other divisions in the economy (Fergusson, 2010, p 4)). Discussion Key sectors include transportation, energy sector, and telecommunications. All signatory countries like Australia are required to confirm their policies and laws to the agreement. The industrial policy is broken down into four categories. The first one is policy-related to economic analysis.
This covers competitive analysis, benchmarking systems and general knowledge of banks; it has best practices that boost productivity. The second category is policy formulation which ranges from the complex exercise of how the industry will evolve from medium-term industrial strategies, designed to assist it to fit in national industry policies into the global economy. The third class covers service of policy implementation. Government of Australia should prefer to carry out the implementation of policies with the assistance of private sectors. Finally, policy monitoring and assessment, industrial competitiveness is dynamic.
Hence, it requires the stakeholders to monitor continuously how the strategies and policies progress well in the market. The anticipatory industry policies that are expected to be seen in Australia to facilitate Trans-Pacific Partnership agreement include development strategies, economic cooperation, and removal of non-tariff barriers, tax concessions on tax, research and development among others (Blakeney, 2012 p 164). The government must set the standards to protect digital freedom by protecting against the requirements, which may force companies to locate infrastructure in the markets they pursue to operate.
Australia should subject commitments in environmental labor chapters to solve disputes. The same mechanism of enforcement is available in in the chapters of TPP agreement, which include the availability of trade contracts. In this case, the government of Australia must take necessary actions aimed at improving the ability and competitiveness of the domestic companies and the transformation of the structure (Katada and Solí s, 2008, p 57). Development Strategies These are strategies aimed at capacity building and other commitments that can help to promote maintainable development. These policies help to promote economic growth, control of the child and forced labor, poverty reduction and promotion of food security.
At the same time, the government of Australia needs to work in collaboration with the manufacturing industry to overcome market failure and enhance growth. Some of the policy measures are: Australia should remove non-tariff and tariff barriers that lower standard of living and hinders progression and development. The government should protect its workers and preserve the environment of suitable standards to be included in this agreement. Likewise, these commitments must be enforced fully. Enhance the security of food policies by reducing costs and red tape at the borders; to encourage science-based laws, regulation and strategies to guarantee food security.
This promotes socio-economic stability in different regions (Blakeney, 2014 p 123).
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