Help with economics essay question? (1 Viewer)

isabella05

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Help! I have my economics task due very soon, and there is this one question where I struggle to decide how in-depth I should talk about specific benefits, or if I should just be very general. I want to include statistics, but it's very difficult (I've chosen ChAFTA for bilateral) to include them without going into specific detail. I don't think I will manage to stay in the word count if I do that, though.
  • Outline the benefits of ONE multilateral and ONE bilateral free trade agreement Australia has entered into recently. 500 words.
Thanks!
 

jimmysmith560

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I suggest you adjust your thought process in terms of addressing the question directly. You are required to talk about the benefits of a multilateral and a bilateral free trade agreement that Australia has recently entered into. Being mindful of the word limit, a possible allocation would be 250 words for the benefits of the multilateral free trade agreement and 250 words for the bilateral free trade agreement. You may wish to include information similar to the following regarding the benefit of each type of free trade agreement:
  • Multilateral free trade agreement: Multilateral trade agreements strengthen the global economy by making developing countries competitive. They standardise import and export procedures, giving economic benefits to all member nations. Their complexity helps those that can take advantage of globalisation, while those who cannot often face hardships.
  • Bilateral free trade agreement: Bilateral agreements increase trade between the two countries. They open markets to successful industries. As companies benefit, they add jobs. The country's consumers also benefit from lower costs. They are easier to negotiate than multilateral trade agreements, since they only involve two countries. This means they can go into effect faster, reaping trade benefits more quickly. If negotiations for a multilateral trade agreement fails, many of the nations will negotiate a series of bilateral agreements instead.
Regarding the inclusion of statistics, you may wish to include them to support a particular benefit while trying to remain concise in order not to go over the word limit. With respect to ChAFTA, it provides major preferential market access for Australia, with over 85% of Australia's goods exported to China (by value in 2013) now entering duty-free upon entry into force, rising to 93% after four years and 95% when ChAFTA is fully implemented.

I hope this helps! 😄
 

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