Trade and Investment between Australia and Japan

Trade and Investment between Australia and Japan 150 150 Affordable Capstone Projects Written from Scratch

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Write recommendation for improving Australia and Japan trade in 2015 – 2017

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Japan and Australia have an economic and investment agreement that has significantly benefited the two country’s economies in the East Asia region (Antons & Hilty, 2015, p.33). Australia and Japan have enjoyed trade exchanges for long with Japan being the largest export market for Australia. On the other hand, Australia has been on the front line of imports for Japan as it can be regarded as a stable and secure source of raw materials for Japan. The raw materials to Japan are processed and manufactured and are then exported to Australia which has contributed to improving the lives and the economy of Australia. The investment flows between this two countries have contributed to the formation of the Japan-Australia Economic Partnership Agreement (JAEPA) that was signed on January 15, 2015 (Australian Government, online).

According to Law Society of New South Wales (2014, p.69-71), the agreement has been valuable for both Australia and Japan, and it hopes to provide more support to the people and economies in a two-way investment flow. JAEPA has been a liberalizing agreement, and there is need to make more improvements to the agreement. One recommendation is the two countries should negotiate and come up with an agreement that would guide and direct the importers, exporters, and custom administrators in both Australia and Japan on how and when they should address appeals and disputes about preference claims. The agreement should be inserted in the Rules of Origin chapter in JAEPA and should do within a commercially responsive timeframe. The agreement should give more information regarding obligations of customer service that will help guide the industry to understand the time frames for resolution of any issues relating to the granting of preferential treatment for goods.

Another recommendation to improve trade is encouraging individual enterprises both in Australia and Japan to try and achieve international integration and reorganization. The integration of the corporate world is important as it ensures JAEPA delivers greater efficiency and profitability on a microscopic level of individual enterprises (Antons & Hilty, 2015, p.74). The countries should avoid behaviors that obstruct the rational distribution of resources within the framework of global economy, accelerate the unfair distribution of wealth, and lead the global economy to uncertainty and instability to ensure there is more improvement in the trade links. There must be fairness in the redistribution of wealth through a market mechanism. The behaviors in this market should be guided by strong discipline in the order of the market. The parties concerned in public and private sectors in both countries must deal with such risks by upholding the clear principles of the free and fair market and by combining collective wisdom to benefit the global economy and the sound development of the Australian and Japanese relationship.


 

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