Examine the influence of international organisation and trading blocs and

agreements in promoting globalisation.

Globalisation refers to the process of increased social, political and economic
integration between countries creating a global economy. Hence allowing
greater access to trade, financial flows, technology and labour as well creating a
greater focus on global economic development i.e. increase in living standards.
Moreover, in order to establish and maintain such a global economy,
international organisation such are needed to intermediate the increase in trade,
maintain financial and economic stability as well as promote economic
development.
Trade refers to exchange of goods and services between countries; and since the
break down of barriers within the global economy has become a significant
aspect of the most economies. Hence World Trade Organisation (WTO) is
responsible for the implementation and advancement global trade agreements
as well as resolving trade disputes between economies. One of the WTO main
focus has been the Doha Round of universal trade liberalisation in 2001. The
Doha Round of trade talks began with ambitious goal of universal global trade.
As well as reducing agricultural protection, lowering tariffs on manufactured
goods and reducing restrictions on trade in services. If implemented successfully,
the World Bank estimated that the resulting increase in global trade would
increase global economic activity by $520 billion by 2015 and lift over 140
million people out of poverty in the developing world. However negotiations
were jeopardised in 2008, whereby member nations were unable to resolve their
differences and agree on implementing the ambitious goals. Moreover, trading
blocs and agreements
Furthermore, the WTO has also intermediates trade agreements, whereby,
helping to promote Free Trade Agreements (FTA) from 27 in 1990 to 219 in
2012. Free trade agreements are formal agreements between countries to break
down barriers regarding trade between the countries. They also give favourable
access to goods and services to the signatories compared to other. Moreover,
multilateral agreement are the most prominent means of free trade. Hence, there
are four main contemporary trading blocs and agreements in the context of
Australia; the EU, NAFTA, ASEAN and ANZCERTA. Despite creating trading
barriers for non-party members, DFAT statistics showed that FTA countries
make up over 47% of total trade, hence its significance upon promoting the free
moment of trade within Australia and its partners.
Moreover, the increased integration of trade and financial flows, can lead to an
increase in complexity and instability within the global economy. The
International Monetary Fund (IMF) is the most important institutions in the
global economy in maintain international financial stability, particularly in
relation to foreign exchange markets. The IMFs policies are to support the free
trade of goods and services, and the free movement of finance and capital
throughout world markets. Whereby, the IMF often demands that countries
change their economic policies and open up their markets before they are
entitled to receive assistance creating an increase in stability and control over
financial uncertainty.

The IMF is generally effective as during the GFC is helped to provide over $600
billion in relief loans and provided reports and forecast to counter its
significance. Nonetheless, it is argued that IMF is highly western and Americancentric therefore its objectivity is often questioned. Moreover, government
bodies such as the G20 and the OECD aim to promote economic propensity in a
macroeconomic policy nature. Whereby, the OECD conducts various reports and
investigation and publishes article about many issues including environmental
sustainability. Moreover, the G20 meets annually to discuss political issues and
policy macroeconomic structure to counter current issues. For examples, Julia
Gillards carbon tax was strongly suggested by G20 climate change talks.
Additionally, globalisation has also prompted the notion of economic
development, which considers an overall increase in living standards and utlity
within the world rather then just economic growth. The World Banks role is
primarily concerned with helping poorer countries with their economic
development. The World Bank has a number of organisations that provide
specific assistance to lower income countries, including provides soft loans and
improve investment opportunities in developing countries. One of the World
Banks major goals in recent years has been the Millennium Development Goals.
This goal aims to reduce the proportion of people living on less than $1 per/day
to half the 1990 level by 2015. It also hopes to achieve universal primary
education, reduce morality, improve health and treatment of HIV/AIDS and
malaria as well as improve status of women. It has provided over $280 billion
since the 2008 financial crisis to facilitate shortages of trade finances to low
income economies. Moreover, been effective as the poverty lines decreased from
47% in 1990 to 22% in 2008. Furthermore, the UN focuses on broader issues of
the formation of individual and collective rights of those in the global economy.
Its agenda covers international security, the environment, poverty and
development, international law and global health issues. Examples include: Food
and Agriculture Organisation as well as the International Labour Organisation.
Whereby increasing labour rights and conditions as well as economic
development around the world.
Conclusion are generally effective.