RTAs and Australia

[Name of the institute]RTA and Australia

Introduction

The world in which we live today is in a chaotic situation. It is the era in which recession is going on. As a result of the global economic crisis there is unemployment, there is inflation and there is less circulation of money. In such circumstances, it is imperative that all the countries should unite and promote easy trade conditions. In order to adhere to such rulers where there is understanding between the two countries and there should be easy and open trade terms there is an international body the purpose of which is to promote such sort of trade agreements. This international body is of Regional Trade Agreement that works under World Trade Organization. The aim and objective of this paper is to undertake discussion about RTAs in context of Australia. This paper takes into account the role that Australia play related to RTAs and how these agreements are causing its affect on the economy of Australia.

RTA

RTA is the abbreviation of Regional Trade Agreements. RTAs Since the early 1990s the RTAs have become increasingly prevalent and more and more countries are forming such agreements. The following period shows the evolution of RTAs and how average number of RTA partners is increasing over the period of time. If we take into consideration facts and figures then it can be stated that till 15 January 2012 around 511 notifications have been received by the GATT/WTO. Out of these 511 notifications 319 were in force (WTO.org, 2012).



Mission and Structure of RTA

In this modern world, the activities related to trade and commerce are taking place at the global and regional level. In this environment, there is an immense need that there should be a known level of certainty when the businesses and governments operate in international trade environment. As a result of the globalization the volume of the capital, goods and services has increased that transact across traditional state borders. All of these positive changes became possible because of the international trade policies and international bodies like WTO.

In the dictionary of trade policy terms, the term regionalism can be described as the actions that the governments take in order to liberalize or to facilitate the trade on regional levels often times by involving the phenomenon of free trade areas or custom union. Looking at the concept of the regional trade agreement in terms of world trade organization (WTO) would reveal that according to WTA the RTA adopts booth the general and specific meanings. According to WTO, in general terms RTA may involve agreements that are formed between countries that may not belong to the same geographical region. In specific ways RTA according to WTO involves formulation of conditions and policies of preferential liberalization of trade with RTAs (WTO, 2012).

Australia’s Role in RTA

Australia plays an important and significant role in RTA. The Doha Round of WTO that presented effective ideas about trade adopted the level of high priority for Australian government. The Australian ...

ECONOMICS

Assignment #5 – Rally Round the Trade Name

Assignment #5 – Rally Round the Trade Name

Answer-1

A trade name, which can also be termed as a trading or a business name, is a name under which a business conducts trade with its target market or for commercial use. It’s said to be a legal name that the company has right over. The advantage of trade name is that it helps to distinguish one brand from the other belonging to the same genre. A trade name can also be different from the legal name the brand has been registered as and it is basically used for the corporate purpose. Once the brand name is registered it becomes the heritage or the property of the business. Upon registration the proprietary rights can be gained which aids a company in using the trade name in the market where it is intending to flourish (Robert, 1990).

According to the law Gabby the pizza parlor owner regardless of the fact that Rally has been her surname since birth does not give her the right to use it any way she wishes. If she does that then that would result in infringement of the rights of Rally Cars. Infringement of law can induce legal implications on her. The concept of trade name protection can be allowed under two laws which is the common law along with trade name registration. The inducement of legal implications depends on the type of registration that the company has had. Common law states that the entity that uses the trade name first in a geographic region for the purpose of providing a particular product or service to the target market has the sole right to operate with the unique name as it becomes an intellectual property and no other business has the right over it (Hope, 2001).

Answer-2

Yes it does matter whether Rally is associated with pizza or a car showroom. From marketing perspective, the purpose of marketing is to create an image of a brand. A brand or a trade name needs to be unique to ensure that the brand is embedded into the minds of the consumer. It should be embedded to the extent that whenever a consumer thinks of the product the first brand name that pops in his mind should be the brand name. Regardless of the amount of money invested if a brand name is confusing to the target market then the purpose of marketing is defeated and the money obviously goes to waste. Millions have been invested by Rally cars not to confuse the consumers about its product or service it has been invested to give Rally an image of a Car showroom. On the other hand Gabby’s pizza parlor is benefitting from Herman’s investment of $300,000.

Answer-3

It is of vital importance that Herman started to use the name Rally 40 years before it was used by the pizza parlor owner Gabby because with respect to the law and under the clause of common law it ...

Free Trade

Free Trade

Introduction

This paper intends to discuss the various important aspects of Free Trade. Free Trade is a concept which is usually liked by the economists; however, this concept does not come without any disadvantages. Many people continue to argue about the disadvantages of Free Trade. People think only multinational firms take advantage of the benefits provided by Free Trade. Moreover, there are several myths associated with the concept of Free Trade. NAFTA is assumed to be one of the most important trade agreements in relation with Free Trade. The ambiguities like the free trade being the way to make countries cope up with their poverty and free trade only benefitting MNCs or nations along will be answered through this paper. The purpose of this paper is to make the reader aware about the significance of Free Trade and its associated advantages and disadvantages.

Discussion

Growth of Free Trade

Developing economies has been admired for its outer-oriented or export-led growth paradigm, which was later on appreciatively emulated by other developing economies. External sector was and continues to be one of the principal sources of developing economic growth and present prosperity. For instance, with trade-to-GDP ratio of 96 percent, Korea is one of the most open and trade-dependent economies in the world. It has sustained high or medium GDP growth rates over the preceding four decades. It is widely regarded as a successful example of economic transformation in a short time span. It is known for its pool of skilled labor that is comparable to many EU economies. In the 1960s, Korean economy was a successful exporter of textiles and apparel and was able to generate a trade surplus (Dunkley, 2004).

As its comparative advantage evolved, Korea moved up the technology ladder and to high-technology manufacturing sectors. Automobiles and electronics products like semiconductors, mobile phones, and flat screens are the items in which Korea is at present a globally successful exporter. Until the mid-1980s reliance of Korea on the US market was heavy, but its US market share peaked in 1986 at 40 percent of the total. Thereafter, Korean export markets began to diversity. Until the Asian crisis struck in 1997-98, exports to the Association of Southeast Asian Nations (ASEAN) economies and China continued to rise at the expense of the United States (Li, 2011).

A number of developing nations adjusted their economic development strategies in the 1980s, with most adopting trade liberalization strategies from that time. Trade entails sustainable development as its foundation including natural resources and ecology. However, environment and natural resources are extremely different from private properties. People always overlook or underestimate the environment and then blame the business market and government. Therefore, more and more environment protection issues arise as trade liberalization continues to develop. It is important to note here that the eco-awareness has caused the world to be concerned with trade-related issues as well environment and sustainable development issues (Dunkley, 2004).

Trade globalization accelerates economic development and imposes severe impacts to the environment. The depletion of natural resources and import/export ...