Government Business Relations Trade Agreement

Question: Discuss about theGovernment Business Relations for Trade Agreement. Answer: Introduction: Government-Business Relations In this essay we are discussing two news media articles from credible newspapers. These articles are related to government-business relations for example trade agreements. Trade Agreements are global agreements to eliminate or decrease business and assetbarriers among nations (Free Trade Agreements, 2016). The First article is discussed on Australia and China signs a free trade agreement after a long period of discussions. And the second article is discussed on Japan and Australia partnership agreement. Australia and China Australia becomes the 1st nation to start a two-sided FTA process with China, in 2005 after combined viability learning and Australias choice to give China Market wealth Statuses under the WTO regulations. It is predictable that by goods only FTA Would put in US$18 billion to joint GDP over the next ten years. And lastly both these Nations sign a statement of intention China-Australia Free Trade Agreement (CHAFTA) on Nov 2014(Australian centre of china in the world, N.D).This article is Written by a political reporterDan Conifer and the article is based on free trade agreement Signed between Australia and China after long discussions. The Prime Minister of Australia hailing it as "history making" for both the nations and Chinas trade minister had signed this contract after long discussions. By this deal both the countries will provide extraordinary admission in each others markets. By this agreement the nation will get the opportunity to do more trade and more savings with china. And Australia would complete the trifecta of deal with his main business associates, like Japan and South Korea. When the agreement is signed the business of Australia at present will face tax rate up to 40 % on merchandise exported to China. It is told by the Australian government that by this agreement 85 % of Australian merchandise exports will be tax free. In this transaction, and it would increase to 95 % when it is fully implemented (Conifer .D, 2015). It is told by Australia China Business Council (ACBC) that this free business agreement helps to boost Australian agribusiness, industrialized and tourism amongst other industries. It is also told by ACBC that the deal came on an appropriate time as when the economy of China has shifted towards consumption-driven growth (The World, 2015). By this free trade agreement the business unions assert the agreement will permit Chinese workforce will restore Australian personnel on the major building jobs, and the workers have to vow to inspect legislation in assembly to make sure it not happens (Peacock. M, 2015). Business discussions are narrower in extent; it is exclusively worried about the tariffs and quotas touching deal in physical merchandise ( Wood.G, 2016). Japan Australia Financial Partnership Agreement The partnership agreement between both the countries (JAEPA) comes into existence on15, January, 2015. The Prime Minister of both the nations ends their talks on the agreement and it was declared in Tokyo on April, 2014. The Agreement gives precious preferential admission For Australia's exporters and will support additional expansion in 2-way investment. The 2 Nations are the usual allies with highly balancing economies (Australian government, (N.D). How is JAEPA useful to Australia Economy? Australian companies can obtain improved admission to the Japanese market by JAEPA; by this agreement, the export of goods and services becomes more prices competitive. The agreement provides better variety and cost of Japanese inputs for Australian manufacturers. As Asia's rapid economic growth continues, it is essential for Australian continued prosperity that he has close business ties with main Asian economies. Commerce and Customers JAEPA will set up a benefit for Australian trade over its competitors in Japan. More than 99.5 % of Australia's exports to Japan will get special admission or enter duty-free when JAEPA is completely introduced (Bettles .C, 2016). Japan is the 3 rd biggest marketplace for Australian agriculture, fisheries and forestry crop and our third-largest food market. JAEPA provides the guarantees that Australian services suppliers get entry to the significant and physically powerful Japanese market in their key areas (the parliament of the commonwealth of Australia joint standing committee on treaties, 2014). Benefits of JAEPA By this agreement More than 9.5 % of the Australias exports to Japan will enter without duty and they will get special right of entry when this agreement is totally implemented. This agreement cut the high-priced agricultural rates on a broad variety of crop to Australia's 3rd major agricultural export market; it includes fast tax reductions for complain. By implementing JAEPA all the taxes on the Australian present raw materials, power, and manufacturing exports is eliminated (Hall.Kand Malakia.B.C, 2014). Conclusion Both these trade agreements are beneficial to Australian economy. Exports are increased and tariff rate decreases. By forming trade agreements it is beneficial for both the countries. Australia is also trying to make trade agreements with other countries like Korea, India, and chili. References Australian government, (2016), Business, Free Trade Agreements, Retrieved on 3-sep-2016 from https://www.business.gov.au/info/run/free-trade-agreements Australian centre of china in the world ,(N.D), Australia-China Story, Free Trade Agreement (FTA) Retrieved on 3-sep-2016 from https://aus.thechinastory.org/archive/free-trade-agreement-fta/ Bettles .C (2016), JAEPA delivers export gains, farms weekly retrieved on 3-sep-2016 from https://www.farmweekly.com.au/news/agriculture/general/news/jaepa-delivers-export-gains/2750821.aspx Conifer .D, (2015), Australia and China sign history making free trade agreement after a decade of negotiations retrieved on 3-sep-2016 from https://www.abc.net.au/news/2015-06-17/australia-and-china-sign-free-trade-agreement/6552940 Hall.Kand Malakia.B.C (2014), Australia: a review of Japanese modern economic partnerships and the impact of the 2014 Japan-Australia economic partnership agreement retrieved on 3-sep-2016 from Http://www.mondaq.com/australia/x/341444/international+trade+investment/a+review+of+japanese+modern+economic+partnerships+and+the+impact+of+the+2014+japanaustralia+economic+partnership+agreement The World, (2015), Australia and China to sign free trade deal after decade of negotiations retrieved on 3-sep-2016 from https://www.abc.net.au/news/2015-06-17/australia-and-china-to-sign-free-trade-deal/6551442 Peacock. M, (2015), Free trade agreement: Australian Industry Group criticizes lack of transparency in China deal retrieved on 3-sep-2016 from https://www.abc.net.au/news/2015-07-24/australian-industry-group-criticises-fta-with-china/6647020 Australian government, (N.D), Department of foreign affairs and trade, Japan-Australia economic partnership agreement retrieved on 3-sep-2016 from Http://dfat.gov.au/trade/agreements/jaepa/pages/japan-australia-economic-partnership-agreement.aspx The Parliament of the Commonwealth of Australia Joint Standing Committee on Treaties, (2014) Report 144 Agreement between Australia and Japan for an Economic Partnership retrieved on 3-sep-2016 from File:///c:/users/guest/downloads/fullreport.pdf Wood.G, (2016), Free trade agreements not the great deal weve been sold, retrieved on 3-sep-2016 from https://www.smh.com.au/comment/free-trade-agreements-not-the-great-deal-weve-been-sold-20160621-gpnw71.html