Trade Policy Basics
Why are trade policies important for a country?
They establish rules for international trade, impacting tariffs, import/export restrictions, and economic growth.
What is China’s primary focus in its trade policy?
Manufacturing and technology exports.
What are Japan’s main export industries?
Technology, automotive, and electronics.
What unique balance does Indonesia’s trade policy seek?
Balancing protectionism with gradual trade liberalization.
What is one global benefit of voluntary trade from Asia?
Lower prices for consumers worldwide.
What is voluntary trade?
Trade that occurs when two or more countries agree to exchange goods and services by choice, benefiting both sides.
Name one major trade agreement that China is part of.
Regional Comprehensive Economic Partnership (RCEP).
Japan is part of which trade agreement that includes Pacific nations?
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Name one major trade agreement Indonesia is part of.
ASEAN Free Trade Area (AFTA) or RCEP.
How are China, Japan, and Indonesia’s trade policies similar?
They all participate in RCEP and focus on job creation and economic growth.
How does voluntary trade contribute to economic growth?
By allowing countries to specialize, increasing efficiency, driving innovation, creating jobs, and boosting GDP.
How does voluntary trade benefit China’s economy? (Name one way)
It boosts GDP through exports and creates jobs in manufacturing.
Why does Japan focus on free-trade policies?
To offset its limited natural resources by accessing foreign markets.
What are some of Indonesia’s main exports?
Palm oil, minerals, textiles, and electronics.
Name a challenge these countries face related to trade.
Environmental impact or reliance on exports.
Name three benefits of having effective trade policies.
Improved economic competitiveness, job creation, and enhanced standards of living.
Since what year has China been a member of the World Trade Organization (WTO)?
2001.
How does trade support Japan’s status as an innovation leader?
By driving research and development through access to global tech markets.
How does trade benefit Indonesia’s job market?
It creates employment in agriculture, manufacturing, and services.
What is one opportunity for future growth in trade for these countries?
Digital trade and expanding RCEP benefits.
What is one key reason countries develop trade policies?
To protect local industries while fostering international trade and growth.
How does China’s trade policy increase its global influence?
By establishing export dominance in manufacturing and high-tech industries, enhancing its economic power.
Name one way voluntary trade helps Japan’s economy.
It provides global market access for high-value goods like electronics and automobiles.
How does foreign investment benefit Indonesia’s economy?
By boosting local industries and expanding the economy.
In your opinion, which country benefits the most from its trade policy, and why?
(This is a subjective question to encourage student reflection.)