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RESEARCH PROJECT ON AUSTRALIA TRADE POLICIES IMPACT ON INTERNATIONAL TRADE PERFORMANCE, ANALYZE NATIONAL ECONOMY AND ENVIRONMENT. Professional report to priminister of Foreign Affairs and Trade. TOPIC: The Impact of Trade policies and trade war on international trade performance, the national economy and environment of the chosen country. Key concepts of this report: International trede and finance Trede policies ( tariffs and nontariff barriers, dumping, export subsidy, external balances and exchange rates) ANLAYSIS WITH RELAVANT DATA AND REFERENCES Table of Contents Executive Summary3 Introduction3 Overview of Australian international trade4 Trade wars affecting the economic condition of Australia5 Australian trade and environment5 Australian culture awareness and international trade6 Analysis of the economic impact of Australian Trade7 Free trade agreement8 Long term outlook and the role of WTO8 Example of trade between Australia and China9 Analyse Australia National economy and the environment10 References10 Executive Summary The international trade is highly beneficial for getting the qualitative goods from different countries at comparative prices. Most of the developed countries grow up their profit by exporting their extra produced goods to other countries. International trade has made a global market in today’s world. Relations between different countries have become better with the help of international trade. International trade is the best way to have comparative advantage between countries. According to comparative advantage two countries exchange those goods with each other which they produce at a cheap cost. That means those goods are easily available in the exporting countries but importing country is having lack of that commodity or goods. (Shilpa Sharma, 2014). As per the author’s words for having a smoothness in the international trade it is important to apply the trade policies on international and national trade. These policies give an achievable shape to the trade process. Introduction In simple words, the exchange of goods and services for money between two countries is considered as international trade. These economic transactions are being done by the traders with the help of private banks and central banks. Under international trade, number of transactions related to consumer goods, capital goods, and other services are involved. The main motive of the global trade is to avail those requirements to the country which the region lack (Gloria Lotha, 2019). While doing any trade it is important for every region to have national and international trade policies. The main purpose of these policies is to promote import of particular goods and providing security to locally owned businesses. Similarly, for having secure import and export, the international trade policies which are being regulated by IEO (International economic organisations) are mandatory. Trade policies have greater impact on the economic growth of the nation as well (Laetitia, 2020). Australia has been chosen as an example country which do the international trade. In this report the authors will be discussing about the trade policies which are being used by Australia for doing cross-border trade. An example of international trade between china and Australia will also be given in this document by the authors. Finally, some recommendations and conclusion would be given at the end of this report. Overview of Australian international trade For creating higher job opportunities and higher wealth of Australia it is crucial to have strong economic level. This could only be possible with the help of international trade and investment. The trade agreements have some crucial roles which can only be fulfilled along with these trade agreements. The first role is these agreements create higher market access all over the world for Australian international trade. And these agreements set up a higher competition among the companies of Australia, which creates more quality-oriented craze among the companies for increasing the sales. It brings number of advantages to the daily customers for availing those products and services which could not be avail by them from their home country. The economic growth of Australia could be brought forward in future time with the help of foreign finance facility. Similarly, World trade organizations, the GZO, APEC and OECD play a marvelous role for improving the economic growth and welfare of Australia. Australia considers Free Trade Agreement as an important factor for international trade. A free trade agreement refers to doing business with a number of economies across the world which reduces the obstacles occurring in international trade (DFAT, 2020). Trade wars affecting the economic condition of Australia Talking about trade wars, as the author is going to give information about the international trade between China and Australia in further parts. Along with the benefits of it, Australia has also faced some barriers while doing business with China due to the trade war between US and China for the Chinese products. In the year 2018, because of US- China trade war US had increased the tariff rates of Chinese products amounting USD 16 billion. By looking at overall impact, Australia got less impacted through this change. Still, indirectly as the lesser demand for the Chinese goods, lower would be the economic condition of the nation. Therefore, the low economic condition of China would affect the export of Australia to China. Australia is also currently facing a dispute with China regarding the export of Beef to China. Under this dispute, China has announced to stop importing beef from four main parts of Australia and is thinking to increase the tariffs by 80.5%. On the other hand, as every coin has two sides, Similarly, this movement can be proven beneficial for Australian traders if the consumers would start purchasing Australian products and services (Martyn Taylor and Stephanie Phan, 2020). Australian trade and environment The free trade agreement plays a vital role in improving the standards of the environment of a particular nation. Therefore, Australian international trade system makes a use of two different agreements for taking care of their environment while doing production of their products. As per the Trans pacific partnership agreement a number of local laws related to the environment are being promoted. This agreement creates a base of groups who work collectively to reduce the environmental risks such as danger regarding ozone layer and wildlife safety. There is one more agreement which is helpful to make the eco-friendly products more affordable and achievable by customers. This agreement is known as the Environmental Goods Agreement. All the environmental goods are manufactured by taking into mind that less pollution should be emitted. To make it possible, efforts are being made by managing water waste, bringing efficiency in resources, using clean and renewable energy, having less noise and vibration during production and eco-friendly raw material is being used for the production (Department of agriculture water and the environment, 2020) Australian culture awareness and international trade As per the author’s knowledge for doing a business in other country it is crucial to have a detailed knowledge about the culture of that country. When a business company or any country start doing business at an international level, it becomes the responsibility of both countries who are trading with each other to keep in mind about the culture of the trading country. Eventually, by doing this both countries could avoid hurting and disrespect the sentiments and values of the countries. Australian working culture is very attractive as different employees come from different countries and they have their own background which gives a multi-cultural environment to the workplace. There are almost more than 100 languages being spoken. Still the preferable language is English. Through various surveys the Australian are being considered as understandable, friendly, relaxed minded and enjoyable people. Even during business meetings, Aussie people become very frank and make others comfortable by shaking hands, laughing and pats on the back. Aussies use first names to pronounce and talk with eye contact which shows their self- confidence. The Australian business structure is bit slow as Australian employees discuss their matter at different levels of authority and gather the views of other employees from various positions which delays the decision- making. Undoubtedly, this process brings respect and equality among employees (Debra-Donston Miller, 2020). Analysis of the economic impact of Australian Trade Australia is the world's largest exporter of iron ore. Until the 1960s, Britain and the United States were Australia's major trading partners. Today, the trade of Australia has focused on Asia, where one quarter of Australia, there are five major trading countries are. Japan, China, the United States and South Korea are Australia's largest trading partners at the moment. Australia's market is very open and the import limit on goods services and goods are minimal. This has raised productivity, stimulated economic growth and will make it more flexible and changeable. Australia has played a competitive advantage in a range of high-tech products such as scientific and medical equipment, high-quality wine and processed food. The export of important services includes education and tourism, professional and financial services. Australian companies' overseas services have made an important contribution to the Australian economy. Australia can continue to promote trade liberalization unilaterally, bilaterally and multilaterally. This will not only reduce trade risks, but also strengthen international economic cooperation faced by the global economy and promote economic growth. Australia has played an active role in trade related forums such as WTO, APEC, and G20 and so on. Australia has also negotiated In order to strengthen trade and investment flows, bilateral and regional trade agreements have been signed with many different countries Australia has ten free trade agreements, including New Zealand, Singapore, Thailand, the United States, Chile, the association of Southeast Asian Nations (New Zealand), Malaysia, South Korea, Japan and China. Australia has 67 per cent of Australia's bilateral trade in those free trade agreements. Free trade agreement Australia is in the process of six FTA negotiations - two bilateral free trade agreements with India and Indonesia, and four agreements with regional comprehensive economic partnership, the Gulf Cooperation Council, the Pacific Trade and economic agreement (pacer plus), multilateral free trade agreements, and service agreements. Long term outlook and the role of WTO Australia is increasingly seeking bilateral and regional trade agreements to advance its interests because of persistent difficulties in concluding multilateral agreements. This is also the issue that Australia needs to address at the 45th Parliament: whether these agreements are in the national interest, what is the relative scale of the benefits generated by the agreements, and whether the additional protection provided for foreign investors is sufficient. Another issue is how to look at the recent increase in trade protectionism, in part because of the recent series of trade agreements, Australia, as one of the 163 member countries of the WTO, has benefited from most favored nation treatment and nondiscrimination provisions in Trade with other member states. Besides joining WTO, Australia has negotiated with other countries some regional trade policies, among which China Australia Free Trade Agreement is the largest. At the same time, in Australia and other countries, trade is currently being disrupted by a significant increase in protectionist measures. To some extent, these are the direct consequences of changing