China Free Trade Agreement
The article that I deemed fit and choose is a China free trade agreement. The information concerning the trade agreement stroke the globe and the mails on 7th October 2017 barely two years since the ideas crept up. It was all in the media, magazines and the Chinas FTA network. The article from the name articulates all the agreement that the nation have made or are in the process of making with various countries of their interest, to enter with them into a binding trading agreement.
The proposal barely comes after China has tried to broaden its trading territory with other nations and faced a lot of challenges due to the existence of numerous trading barriers instituted by the governments of these countries. Apparently, the article defines the agreements that China has signed agreements with and is willing to trade it. Besides the report outlines the principles, privileges that the trading partners shall be obtained from the agreement. At first, I thought the trade agreement was meant for only European nations that were interested in the trade. I came to realize that the deal has been extended to all the nations of the earth with Africa countries also included.
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The china free trade agreements meant to reduce the barriers that nations face when they are trying to sell their products externally. It streamlines the markets, removes the unnecessary biases and creates unity for the member nations. The agreement has made external trade between countries to be harmonized and profitable for the interested nations fostering their economic growths. If I were to compare this agreement to the international business or the Canadian market, I would surely say that the China free trade agreement is genuinely free and efficient to its member states (Arora et al, 2015).
Unlike the global company and the Canadian businesses, it removes barriers to trade and ensures that the members benefit equally. It is quite absurd that the Canadians do brag and advertise themselves to be free trade centres yet they are not because of the numerous barriers that they have.
The nation cannot trade with its provinces because of the obstacles it has besides its rigid federal government that has altogether refused to intervene on the issue. The article discourages monopolies in the markets by advocating for free and fair trade in which Canadian and International business does not do for its members or citizens. As a staunch believer in equality, I heartily agree that China free trade agreement is a unifying notion that is going to help even the third world nations in enjoying all the privileges that other nations are experiencing. It is through this trade agreement that market monopolies exercised by other nations are going to be done away with entirely to aid junior nations to grow economically. Moreover, I believe that through this trade agreement, no nation is likely going to be considered superior to the other since the prizes are discussed and set equally by all member (Bhowmik & Nhoung, 2014). Also, the norms of the agreement are established by members themselves during their annual meetings.
I feel that China’s free trade agreement is more genuine and effective than that of the Canadian business or the international business that is usually complex. It is evident from the article that so many nations are willing and are ready to do business with China. It thus implies that the nations will enjoy a peaceful coexistence with each other besides the financial benefits that they shall attain that will help them boost their economies (Yang & Martinez-Zarzoso, 2014). I believe this is a trade agreement that ought to be encouraged to also promote good political ties between the various nations that purpose to sign it or that have already signed it.
Arora, R., Singh, S., & Mathur, S. K. (2015). Assessment of the Proposed India-China Free Trade Agreement: A General Equilibrium Approach. Journal of Centrum Cathedra: The Business and Economics Research Journal, 8(2), 81-108.
China Free Trade Agreement. FTA Network. Retrieved from (7th October 2017) http://fta.mofcom.gov.cn/list/enrelease/1/encateinfo.html
Bhowmik, R., & Nhoung, R. (2014). Asian-China Free Trade Agreement: It’s Peace-Promotion Effects Over South China Sea Dispute and Econometric Analysis of Welfare Effects on Not-Yet-Ready ASEAN Members: Cambodia, Laos, Myanmar and Vietnam.
Yang, S., & Martinez-Zarzoso, I. (2014). A panel data analysis of trade creation and trade diversion effects: The case of ASEAN “China Free Trade Area. China Economic Review, 29, 138-151.