Globalisation Essay

928 WordsMay 5, 20144 Pages
The Globalisation of Australian Business- Yr 10 BFL Globalisation is the development of the world markets for goods and services coming together. For example, consumers are able to purchase goods from all around the world through the internet and other means of technology and transportation. This brings the economies of different countries together through trade, agreements and technology. To protect Australian businesses and companies from overseas competition, the government has a system that is set out to benefit Australian businesses and companies. Technology and transportation have both contributed to globalisation as markets from all over the world is able to reach a consumer right at their fingertips. However globalisation can cause problems such as environmental issues and problems for local suppliers as they are in competition with bigger providers from around the world which may cause them to go out of business. A factor of globalisation is the protection put on imported goods and services that aim to restrict the amount of trade in ones country. This is to prevent Australian businesses to go bankrupt due to competition from the overseas market. Tariffs, quotas and subsidies are all acts of protectionism which attempt to make it hard for foreign companies to import to Australia. However some governments might want to enter a free trade agreement with other countries meaning that there would be no tariffs put on imported goods and services between the participating nations. Australia currently have seven free-trade agreements with New Zealand, Thailand, Chile, the Association of South East Asian Nations, Malaysia, Singapore and the United States and makes up 28 per cent of Australia's total trade. Australia is also considering engaging in free-trade agreements with China, India, Japan and Indonesia as well as the Trans-Pacific Partnership Agreement,

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