Due date: 26 september 2020 Saturday 10am.. Word limit: 3000. SHOULD BE PLAGARISM FREE STRICTLY.

TRADE POLICY- COMMENT ON AUSTRALIA’S TRADE POLICY (BOTH POSITIVE AND NEGATIVE IMPACTS ON AUSTRALIAN ECONOMY, INDUSTRIES AND EMPLOYMENT)
Table of Contents
Introduction    3
The Relation between Economic Objectives and Trade Policy    3
Effects of Import    3
Effects of Export    4
Trade-Related Employment    4
Economic Transformation and Impacts    5
Consumer Gain    6
Growth of Overall Infrastructure    7
Current Scenario of the Trade Policy    7
Conclusion    8
References    9
Introduction
Australia has developed trade policy for the deceased and the liberation and the economic development of the systems are at the heart of the government policies. Until the 1960s, the Britain and the US were the leading trading partner for Australia. After this, the trade partners shifted and concentrated more on the Asian countries. China, Japan and the US become the essential partner of Australia in the trading system along with the Republic of Korea. The gateway of Singapore helped the growth in the trade policy extensively in Australia. The course helped Australia to have a cutting edge in the export market with a range of goods and services available. The mining industry greatly benefited from the trade policy of the county and requirement of minerals from other countries. Services industry gained the most from the export and the import identity, with almost 80% of the employment form the trade industry is related to the service of professionals. Australia played an import role in the G-20 summit and with WTO and APEC regulating and reforming trade policy (Swinbank, 2018).
Australia also has regaled and measured various bilateral and regional trade garments with countries. The system has strengthened the trade and the investment flows. The free trade agreement is signed between Australia and eighteen other countries along with ratification of the PACER plus, which includes free trade with New Zealand and nine pacific island country in the world. 70% of the trade retention of Australia is between the countries with whom Australia has signed a free trade deal. Australia is currently managed in negotiating trade deals with the FTA and even separate negotiation with the EU (McKenzie, 2018). The country is also negotiating agreements with ASEAN countries of China, Japan, India and even New Zealand. The report will discuss in detail and comment on the various aspects of the Australian trade policy and its impact on the overall GDP as well as the economic stability of the country. The rate of employment and the effect related to trade, along with the positive points are broadly discussed. At the end of the report, the trade policy is analysed and suggestions are made for the upcoming future.
The Relation between Economic Objectives and Trade Policy
Trade policy can be seen as the best reflection of the country's domestic financial goals. The trade policy also arises from the financial goals of the county such as, the rapid development of the resources through the primary and the secondary resources, sustaining the growth in the population, providing the scope of full employment and raising the living standards of the citizens (Messerlin & Parc, 2018). The main parameter of understanding the effectiveness of the trade policy is the development schemes. The development of the country is a direct reflection of its trade policies. The product includes the growth in population and the proportional growth of investment, production and employment opportunities.
Effects of Import
The import policy is necessary for full employment and the efficient uses of resources. Simple use of the balance of payments would show that the import policies are significant in answering the need for Australian jobs and help in the present era and the future. The export earning is also necessary with the rate of capital inflow and the net obligations of the state reserves. The export policy needs to have a continued making to support the county's infrastructure and help it sustain in future (Culas & Timsina, 2019). No country can be self-sufficient in the requirement of the resources and thus the trade policies become essential. It is difficult to frame the more comprehensive totem trade policy of the imprint requirements and the capital inflow and the export needs of the county. The systems are constantly in the short run, but the long-run policies may change from time to time.
The economic objective of the county, in the longer run, requires the development of export policies. The main concern for the government is the decreasing rate of the mining industry and agricultural export (Swinbank & Daugbjerg, 2017). The drop in the export level of the county and the availability of resources are negatively impacted. The horizon of the Australian export market is limited. The models through which the propensity of import are estimated it is affected by the economic growth of the county. The import prices of the aunty are unlikely to change and wheel the export prices are indeed mostly fluctuating shortly. The term or trade will not be stable in the future and it would be unwise for the country to depend on the export industry having boom periods as seen over time. The fluctuating character of the Australian export scenario remains from the relay ages. The system has also become more diverse and the import saving operates in the net aggregate factor. This does not equal to the increase the requirement of the import; the recent changes were that the growth interpolation is almost by 2.5% and the difference in the economy is by 5%.
Effects of Export
The character of the Australian export is dominated by the products in the system including the agriculture, transport and commerce industries. The other significant effects of the tariff barrier if increased will be seen in the merchandise business. The imports of the merchandise will fall and this will make the products much more expensive. Substances are often used by Australian companies to produce goods and services. The overall system will fall and the incensed costs of goods will shrink the market eventually (Fenna, 2016). The people in the country will have a lower disposable income for them to spend. The market share of the trade industry shrunk for the import and the export industry. This will make the costs of the industry rise and the products will soon fail to capture the market. The increasing short-term employment forgets export industries will lead to lower export and persistent lower wages in the industry. The system is shown in the table below and it reflects the idea of the market when tariffs industry is increased. Lowering the...