The paper "Government Business Relations - Trans-Pacific Partnership " is an outstanding example of a business case study. Trade is one of the most important contributors to the national gross domestic capital of any given country. Currently, many nations in the world have entered into free trade agreements to facilitate the exchange of goods and services across the borders through the removal of tariffs and taxes imposed on imported goods. A free trade agreement is an accord reached between two or more countries to enhance trade through the removal of barriers such as tariffs and import quotas (In Voon, 2014).
Today many countries have come together with the ultimate aim of improving the economic policies of the member countries and improving on labour and environmental policies. Trade agreements also help investors and exporters in accessing the foreign markets and maintaining the existing links, thus improving the efficiency of international trade. One such example of a free trade agreement is the Trans-Pacific Partnership agreement that brings together twelve countries in the Pacific region to promote smooth trade through the removal of tariffs and import quotas (Petri et al, 2012). Some of the countries that have been involved in the five-year negotiation of the agreement are; Canada, the United States, Peru, Chile, Japan, New Zealand among others.
The negotiations were concluded and a consensus reached in early October 2015. The agreement also focuses on the economic policies, environmental and labour laws within the member countries. This paper explores expected industrial policy measures to be taken by Australia for the implementation of the Trans-Pacific Partnership agreement. The emergence of the Trans-Pacific Partnership agreement resulted from the completion of an agreement between Brunei, Singapore, Chile and New Zealand, which aimed at attracting new Asia pacific members.
The United States joined the partnership in 2008, followed by Australia, Peru and Vietnam, leading to the need for an expanded trade agreement which began in 2010. Other countries such as Japan, Malaysia and Mexico joined the agreement later on after negotiations began. The agreement, which is considered as one of the greatest in the 21st century is expected to address among other issues the changes that have occurred in trading systems over the last centuries (Lim et al, 2012).
One such issue is the environmental aspect of trade which require that the exchange of goods and services should be sustainable and promote environmental well-being. Other issues that the agreement is expected to address upon implementation in the member countries are technological advancements such as the role of internet in trade and the increased recognition of the service sector as an important part of the trade. The Trans-Pacific Partnership has many potential benefits to the member countries. First, the agreement is expected to increase connectivity and hence enhance trade between the Pacific trade blocs.
Through the agreement, the member states will be able to build trust with each other hence facilitating the exchange of goods and services. The removal of trade barriers such as tariffs and import quotas will also help in ensuring that the exporters in the member countries have the ability to operate and increase their competitive advantage even in foreign markets. The agreement is also expected to improve the economies of member countries by improving the living conditions of the people through the acquisition of goods at relatively lower costs.
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