Business Finance
week 9 discussion global business law

Question Description

This is a 2 part assignment! First write a discussion post answering the question in part 1, then the second part is to write 2 responses to 2 other students ( find them in part 2). For the responses write them directly to them not in 3rd person. Writing a response to their discussion, what you think about it agree or disagree but in a positive manner.

DO NOT FORGET APA style CITATION AND Please read ALL instructions!!!!!

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This is a 2 part assignment! First write a discussion post answering the question in part 1, then the second part is to write 2 responses to 2 other students ( find them in part 2). For the responses write them directly to them not in 3rd person. Writing a response to their discussion, what you think about it agree or disagree but in a positive manner. DO NOT FORGET APA style CITATION AND Please read ALL instructions!!!!! Part #1 Chose one of the following questions and respond to the question raised. No more than 2 students/teams may answer any given question. You should consider reserving a question before beginning to compose your response. In your response, provide summaries, NOT quotes, of material set out in the text to show that you have read the assigned chapters and can apply what you have read. These assignments are NOT meant to encourage research on the Internet. All that you need is in the text. Ideally, the text will be your only source. As you progress through the readings, your responses should incorporate information you have gathered from multiple sections of the text. Please provide FREQUENT references to pages from the text used in the response. The question I have chosen is : 6. Do you prefer that the U.S. enter into global organizations like the WTO or more local organizations like NAFTA? Why? Part #2 Student #1 XUEHUI Will NAFTA survive a "Trump" presidency? Trump's position that every major trade agreement to modify the agreement is one of his priorities. He recognizes that establishing good trade relations with every neighbor-ing country and every major player in the world is crucial to the world economy. Therefore, at the beginning of 2018, the Trump administration continued to firmly be-lieve that trade relations with neighboring countries Mexico and Canada would be readjusted to benefit the United States. Trump has always threatened to quit the North American Free Trade Agreement (NAFTA) if he does not get what he wants. (Schaffer, R., Earle, B., & Agusti, F, 2014) At present, however, the representatives of the three countries remain cautiously optimistic about the future of the North American Free Trade Agreement, although progress is slow. The prospects for the operating companies of three North American economies, such as Ford, Coca-Cola, HP, general electric and general motors, are still uncertain. (Ciuriak, D, 2017) If the North American Free Trade Agreement is to end, this will lead to the economic shock of the whole continent. Agriculture in the United States mainly depends on the market in Mexico. The manufacturer has set up a complex supply chain across the border of the North American Free Trade Zone. (Summerbymurray, R, 2017) Consumers have benefited from the cost reduction. The NAFTA eliminated most of the trade barriers in the United States, Canada and Mexico, and led to the explosive growth of trade between the three countries. At the same time, but there is a corresponding cost. The agreement sent hundreds of thousands of American manufacturing jobs to Mexico, where businesses used low wage labor. How to build a free trade zone, such as the North American Free Trade Agreement (NAFTA), conforms to the GATT or WTO global framework? Does a bilateral or regional free trade zone violate nondiscriminatory trade principles and MFN treatment? WTO safeguard the international trade and NAFTA is major focus on North America trade. (Schaffer, R., Earle, B., & Agusti, F, 2014) So I think Trump is also considering and evaluating the evaluation of these parameters, but the trade between neighboring countries will not be stopped by Trump's concerns only. No matter what decision Trump made, but objectively speaking, if the end of the trade agreement of NAFTA results: the United States will lose billions of dollars and thousands of jobs, the political consequences will finally spread to the whole country. References Ciuriak, D. (2017). Renegotiating NAFTA: implications for Canada of possible trump administration policies. Social Science Electronic Publishing. Schaffer, R., Earle, B., & Agusti, F. (2014). International business law and its environment. West Pub Co, 9th, p324-325 Summerbymurray, R. (2017). Trump, canada and nafta: trading protection or protecting trade? Round Table, 1-3. Student #2 Kayla Identify three fundamental differences between NAFTA and the European Union. 1) Customs Union and FTA. Customs Unions there is free trade in all goods that come through any of the union members, even imports from outside the customs union. FTA there is only free trade in goods that were produced within the FTA. (Schaffer, Agusti, & Dhooge, 2015, p. 375) 2) The EU has multiple groups working for them (European Council, Council of Ministers of the European Union, Commission of the European Union, European Parliament, the Court of Justice) (Schaffer, Agusti, & Dhooge, 2015, p. 411). These groups all have various responsibilities to the EU. NAFTA does not have this, Canada, US and Mexico are not as…united as the EU is. NAFTA is just a trade agreement (Schaffer, Agusti, & Dhooge, 2015, p. 378), but the EU has an entire set of leaders and policies to help each other work together. NAFTA does not have leadership like that. 3) Currency. The EU adopted a common currency, the Euro, implemented in 2002 (Schaffer, Agusti, & Dhooge, 2015, p. 423). Although, some countries in the EU have opted out of having the common currency, all are required to eventually implement it. In NAFTA, each country still has its own currency. References Schaffer, R., Agusti, F., & Dhooge, L. J. (2015). Introduction to International Business.Stamford: Cengage Learning. ...
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Final Answer

Attached.

1

Running Header: TRADE ORGANIZATIONS

Trade Organizations
Institutional Affiliation
Date
8th March, 2018

TRADE ORGANIZATIONS

2

WTO and other global trade organizations have their advantages including the fact that
they allow for equal trading grounds for businesses all over the world. WTO ensures that there are
equality and fairness in the international trade market by ensuring that countries without great
marketing advantages are favoured. The major countries benefiting from WTO are developing
countries a WTO prevents developed countries from exploiting them in the international market.
NAFTA, on the other hand, refers to trade agreements entered between countries in order to offer
better trade terms. NAFTA, therefore, seeks t...

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