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Management Assignment Question
You are required to visit the Foreign Trade Information System at www.sice.oas.org, click on the Agreements tab, then to your right under Trade Agreements by Country click on Jamaica.
There are Four (4) categories: Multilateral Agreements, Customs Unions, Free Trade Agreements and Partial Preferential Agreements.
Review one (1) under each category. Present an overview for each reviewed specifically highlighting goods or services traded. In addition, critically assess and presents arguments in terms of the advantages and disadvantages to Jamaica.
Management Assignment Solution on Globalization Trade Agreements
All through the world, globalization has taken place rather rapidly in the aftermath of World War 2. (Urata, 2002) Brought about by the increasing economic awareness and flexibility, various trade agreements have been signed by different countries to increase the level of productivity and exploit the various resources available in other countries.
Multilateral Trade Agreement:
With the help of new and fast developing technologies, several countries are enhancing the quality of textiles and other cotton related products. (FAO, 2004). The agreement on textiles and clothing, lays down several provisions which include; that all members consent to the procurement laid out in Article 2, Section 18 as well as the 6 (b) of the Article 6 in a way that enables small suppliers and new entrants in the sector to procure and access resources available. (SICE (a), 2015) Moreover, existing members will be obliged to safeguard the opinion of the other members “who have not acknowledged the Protocols augmenting the Arrangement Regarding International Trade in Textile” (SICE (a), 2015)…
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A Custom union (CU) is a manifestation of exchange assertion under which certain nations specially concede tax free market access to one another’s imports and consent to apply a typical set of outer taxes to imports from whatever remains of the world. (Andriamananjara, 2011) The motivation behind the Bank might be to add to the agreeable financial development and improvement of the participating nations in the Caribbean and to advance monetary co-operation and mix among them, having uncommon and earnest respect to the needs of the lesser developed members from the Caribbean. (SICE (b), 2007)
Free Trade Agreements:
Free Trade Agreements (FTA) are intended to decrease the obstructions to exchange amongst nations, which are set up to aid the local markets and commercial ventures. (Grimson, 2014) The Free Trade Agreement (FTA) was formed after duly considering developing methodology of monetary globalization and the heightening of the territorial and sub-local financial joining methodologies in which the Members are profoundly included, and with the reason for attaining to more satisfactory coordination in these methods (SICE (c), 2015) and a more critical joint vicinity at their forte’ of arrangement and the pressing need to expand the businesses of the Members so as to attain cheaper production costs by expanded output levels, that will help better levels of proficiency, benefit and intensity. (SICE (c), 2015)
Preferential Trade Agreements:
Preferential trade plans are restricted concessions, including the disposal or diminished levies and different obstructions to imports on a chosen gathering of items starting in recipient nations. (STEINFATT, n.d) The agreement on Transportation outlines that The Members perceive the significance of enhancing transportation benefits as intends to encourage exchange between the Member States of CARICOM and Colombia. (SICE (d), 2015) The Joint Council should recognize the measures that add to enhanced transportation administrations, including the arrangement of air and sea transport assertions’ in the middle of Colombia and the Member States of CARICOM. (SICE (d), 2015) The Members further attempt to investigate the likelihood of making joint undertakings in the region of transport and to advance the foundation of stockrooms for the solidification of cargo. (SICE (d), 2015)
Discussion and Critical Analysis of the Impacts of Trade Agreements in Jamaica:
Hillman, (2003) reports that Jamaica, and other developing countries that are responsible for roughly 75% of exports in the quota category are competitive only by price and not on quality. (Memedovic, 2009). Hence, it can be inferred that Jamaica will benefit from the trade agreement as long as the minimum quotas are maintained and Jamaica’s exporters are competitive by the way of price. Attempts to increase price shall fail for them as their quality continues to be weak.
Being classified amongst the more developed countries in the Caribbean region, Jamaica has been exposed to financing components proper for environmental change adjustment, relief and other low carbon activities, and acquainted with “best practice” approaches used to secure expense and profits of adjustment and alleviation in the arrangement and evaluation of speculative ventures. (Caribbean Development Bank, 2013) Moreover, the CDB approved a $20million student loan to eligible candidates. (Caribbean Development Bank, 2013) Moreover, Jamaica has been the receipt of the second largest lending by the CDB in the region, accounting for about 19% of all its lending. (Caribbean Development Bank, 2013)…
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