MGT1IB: Impact of Socio-Political Factors on Australia Trade

This essay discusses the significant role of socio-political and economic factors in influencing Australia's international trade. It highlights Australia's stable, culturally diverse, and democratic environment, which, coupled with skilled workforce and open market policies, has fostered international trade. The essay emphasizes the importance of considering cultural variations when operating in international markets and discusses how Australia's immigration policies, tourism, and higher education sector contribute to its global trade success. The author recommends that the government should further support immigrants and enhance the higher education standards to strengthen the country's international workforce and improve cross-cultural communication, which are vital for promoting international trade. Desklib provides access to this essay along with a wide range of study resources for students.

Running head: MGT1IB
MGT1IB
Name of the student
Name of the university
Author Note

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Several socio-political and economical factors can influence organisations of a
country to promote international trade. Hence, from the perspective of society and
community it is essential for each company to consider such factors of other courtiers, where
they want to expand their business (Khan, Lindridge and Pusaksrikit 2018). To operate in
international market, it is almost impossible for a firm to take a particular business strategy
for all countries. Due to cultural variations, companies can introduce new products or can
change their existing product types. In this context, social factors are considered to discuss
further in the context of Australia.
International trade has played a significant role in Australia’s economic scenario.
Australia is a stable, culturally diversified and democratic country, which have skilled
workforce due to immigration and consequently they have helped the country to produce
more outputs (Tian, Geng, Sarkis and Zhong 2018). This in turn has helped Australia to
export agricultural raw materials along with natural gas and gold. It is the only nation, where
a single government governs the entire continent. The chief governmental policy regarding
international trade of this country is based on trade liberalisation along with economic
reform. Hence, the government of this country has offered an open market in world economy
with minimum restrictions on imports of goods and services. This policy has helped the
concerned country to attract more foreign countries for trade with it (Rutström and Harrison
2017). Moreover, Australia has possessed diversified natural environment with higher quality
of life and consequently has attracted many tourists all over the world. Hence, international
tourism has played a significant role in Australia’s economy. In addition to this, higher
education has also attracted international students to come in this country.
Hence, foreign and trade policy has helped the country to promote its long-term
prosperity and security. It intends to protect and advance its national interests through a
rapidly changing environment (Rutström and Harrison 2017). It also supports a stable global

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order. Moreover, the country has involved itself to make peace and security in world
economy at the time of promoting global trade along with investment liberalisation.
Moreover, due to immigration, Australian organisations have experienced cross-cultural
communication, workplace etiquette and organisational hierarchy, which equally important
for them for doing international trade.
Recommendations:
According to above discussion, society and community have played significant role to
promote international trade of Australia. Hence, the government can provide various facilities
to those people, who have come in this country for job purpose. Moreover, by developing the
standard of higher education, the country can increase its international workforce, which in
turn can help the country to develop its communication further. This is an important factor of
international trade as it can help Australia to know better about culture and society of other
nations.

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References:
Khan, A., Lindridge, A. and Pusaksrikit, T., 2018. Why some South Asian Muslims celebrate
Christmas: Introducing ‘acculturation trade-offs’. Journal of Business Research, 82, pp.290-
299.
Rutström, E.E. and Harrison, G.W., 2017. The effect of manufacturing sector protection on
ASEAN and Australia: a general equilibrium analysis. In The Political Economy of
Manufacturing Protection (pp. 184-213). Routledge.
Tian, X., Geng, Y., Sarkis, J. and Zhong, S., 2018. Trends and features of embodied flows
associated with international trade based on bibliometric analysis. Resources, Conservation
and Recycling, 131, pp.148-157.