Unit VI Vo Thi Thanh Nga.docx - Running head UNIT VI SCHOLARLY ACTIVITY 1 Unit VI Scholarly Activity Vo Thi Thanh Nga Columbia Southern University Part

Unit VI Vo Thi Thanh Nga.docx - Running head UNIT VI...

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Running head: UNIT VI SCHOLARLY ACTIVITY 1 Unit VI Scholarly Activity Vo Thi Thanh Nga Columbia Southern University Part One 1. The bi-lateral agreement among China-South Korea-The U.S. Bilateral agreements are between two nations at a time, giving them favored trading status with each other. The objectives of the bilateral deal are the same as a multilateral deal, except it is between two countries that negotiated the deal. The advantages of a bilateral agreement are that it is easier to negotiate since it involves only two countries; goes into effect faster, reaping trade benefits more quickly. They are easier to enforce, particularly if arbitration is the specified means to resolve a dispute. The balance of trade is the value of a country’s exports minus its imports. It’s the most significant component of the current account. The trade balance is measured by custom office because all of goods and many services must pass through this department. When exports are
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FUNCTIONS OF HUMAN RESOURCE MANAGEMENT 2 larger than imports, it’s a trade surplus – a favorable trade balance. When exports are less than imports, it’s a trade deficit - a unfavorable trade balance. But sometimes, a favorable trade balance for a country can be trade surplus or trade deficit depends on its country’s situation. For example, a developing country needs to import more to invest in its infrastructure. So, a trade deficit in a period of time in this case will bring more interest in its circumstance. Bilateral agreement among China and South Korea is going to bring both advantages and disadvantages to the United States regarding bi-lateral agreements as following: Advantages: - Trade volume contributes to the economic growth of the US. - The U.S. consumers have more options by diversity products imported from South Korea and China. - Force the U.S. manufacturers to increase efficiency, innovation and reduce cost to compete with Chinese and Korean manufacturers. - Improving political and economic relations with China and South Korea which bring opportunity and interest to the U.S. in the long run. - Increase spending, business and economy of the U.S. as a whole. Disadvantages: - Trade deficits cause reducing USD reserves. - Reduce competitiveness because the appreciation of the USD against the Chinese and Korean currency. This may cause the U.S. export price to increase. - Domestic goods face big challenges to compete with import goods. - Increase job loss rate if domestic manufacturers cannot compete and fail the domestic market to import goods. - Increase national debts. 2. The International association of EU, WTO, NAFTA, CARICOM, APEC, MERCOSUR and ASEAN. Discuss its pending applications, candidate countries or associate members. a. The case of European Union (EU) At current, candidate countries of EU are Albania, the Former Yugoslav Republic of Macedonia (Macedonia), Montenegro, Serbia and Turkey. Negotiations will be held with each candidate country to determine their abilities to apply EU legislation, and also
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