provide examples of economic criterias that may be used to analyse the Australia-european union free trade agreement
1. GDP growth rates: Analyzing the impact of the free trade agreement on GDP growth rates in both Australia and the European Union can provide insights into the overall economic benefits of the agreement.
2. Trade balance: Examining changes in trade balances between Australia and the European Union can provide information on whether the agreement is leading to increased exports or imports for either party.
3. Tariff reductions: Assessing the extent to which tariffs are reduced under the agreement can indicate the level of market access gained by Australian and European Union businesses.
4. Foreign direct investment (FDI): Monitoring changes in FDI flows between Australia and the European Union following the implementation of the free trade agreement can indicate the level of investor confidence in the agreement.
5. Labor market outcomes: Examining changes in employment levels, wages, and job opportunities in key industries affected by the agreement can provide insights into the agreement's impact on labor markets.
6. Consumer prices: Analyzing changes in consumer prices for goods and services traded between Australia and the European Union can help determine the extent to which the agreement is leading to cost savings for consumers.
7. Industry competitiveness: Assessing changes in market share, profitability, and competitiveness of key industries in both Australia and the European Union can provide insights into the agreement's impact on industry dynamics.
8. Regulatory harmonization: Evaluating the level of regulatory harmonization achieved under the agreement and its impact on reducing trade barriers can provide insights into the agreement's effectiveness in facilitating trade between Australia and the European Union.
9. Environmental sustainability: Assessing the environmental impact of increased trade and investment between Australia and the European Union, and the extent to which the agreement promotes sustainable practices, can provide insights into the long-term benefits of the agreement.
10. Innovation and technology transfer: Analyzing the extent to which the agreement facilitates innovation and technology transfer between Australia and the European Union can provide insights into the agreement's role in promoting economic development and competitiveness.