Australia's Multilateral Trade

TRADE by Pietro Menga

Trade, or commerce, or is the process involving the exchange of ownership of goods or services from one person or business to another, in exchange for money, goods or services. Any sort of network that allows this trade is called a market. We use trade markets every day in our society from our everyday use of the domestic markets (wholesale and retail) or international markets through means of online or buying from people who import their goods, such as electrical appliances, footwear or huge brand names that are adored but not produced in Australia. Trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade. Trade exists due to the specialization and division

Certain regions could also have a higher production rate due to their culture and what their nation encourages economically, which could seem favorable for regions who may not produce it like they do because they cannot or they just don’t have the market to do so in their country.

Australia’s has had an influx of imports due to Australia’s free trade agreements with: China, Japan, Korea and Trans-Pacific Partnership countries. The free trade agreements have benefits which include; creating stronger ties with our trading partners, promote regional economic integration and build shared approaches to trade and investment, increase Australia’s productivity and contribute to higher gross domestic product (GDP) growth by allowing domestic businesses access to cheaper inputs, introducing new technologies and fostering competition and innovation and most importantly the elimination of tariffs and behind the border barriers that impede the flow of goods and services between parties which increases cooperation and encourages investment. The influx of

As any country would, when trading we would choose the cheapest and most efficient option of trade, and unfortunately a lot of the time this includes the mistreatment of workers, very low pay and long hours, and bad conditions because most of the time, financially these people have no other option and are being cheated knowing this. This allows the people in the rich countries to buy imported good from these countries for very low prices benefiting our economy. This normally happens in poorer countries because the jobs that require low amounts of skill are less favored to do in rich countries and take on countries where people will do anything to get by. Being a rich country we could help this but seeing as we are profiting to some extent we choose not to stick our noses into it. But the issue is that in some cases lives are put at risk due to this work and then we really have to question what comes first, money or lives? Being a rich country we could help this but seeing as we are profiting to some extent we choose not to stick our noses into it. For example, the 2013 Savar building collapse in the Savar Upazila of Dhaka, Bangladesh. The accident was a structural failure where an eight story commercial building name Rana Plaza collapsed with a death toll of 1,130 and 2500 injured. The building contains apartments, a bank, several