Revisiting Globalization by Roopinder Oberoi & Jamie P. Halsall

Author:Roopinder Oberoi & Jamie P. Halsall
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

In summary, there are legitimate concerns with the TPP for Australia. However, they are not insurmountable for the country to withdraw and embrace further FTA with other nations (see Table 5.1 above for further agreements under negotiations). America’s withdrawal from the TPP is a backward step for that country, but Australia has indicated it will pursue further free trade agreements, with or without its powerful friend. China is backing negotiations under the ASEAN Regional Comprehensive Economic Partnership (RCEP) that began in 2013 and in which Australia is participating. Negotiations are already under way with Britain in anticipation of its ‘Hard Brexit’ negotiations expected to be completed by 2019 (May, 2017). President Trump has indicated that America will seek to renegotiate all of its FTAs , including presumably that with Australia. None of this is to say that the overall gains to trade are likely to match those under MTNs, while the process of fragmentation and regionalisation involved will disrupt and destabilise the economic world order of ‘globalisation’ under GATT/WTO.

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