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BTEC Business Level 3 Unit 39 - Assignment 1 P2 All criteria met for this piece of work; gained a distinction overall for this unit.
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P2Free Trade World Trade Organisation Advantages of the European Union
Free trade is the international trade of World Trade Organisation The EU is a union that consists of 28
goods without restrictions such as The ‘World Trade Organisation’ is states that are within Europe; they
quotas and tariffs; this means that the a company that is based in deal with domestic and home affairs
government has no interference with the Geneva that deals with rules as well as markets. If a state decides
trade of goods between nations. which each country has to abide to leave the EU there will be
by, they monitor laws such as disadvantages.
The benefits of free trade are: imports and exports and create
agreements which have to be An advantage of being part of the EU
Lower average costs are a benefit of free signed by all countries. is that legislations and agreements
trade because countries are able to sell are reinforced which means that they
products to customers at a cheaper The WTO have outreach which are stronger; this is a benefit because
price. allows them to deal with the it ensures that each person abides by
media as well as the government; the legislation and everyone has the
Another benefit of free trade is that the with the help of this they are able same rights. Also, the EU enables a
products that are traded promote and to encourage and promote country to put across their views and
encourage other countries and developing countries to make and concerns due to the fact that the
companies to trade. As well as this, the agreement which gets them country is part of the EU which
companies can feel safe when trading involved with trade. means that concerns are taken
because each country has to follow the seriously.
same rules which means that the rules The goal of the WTO is to help
cannot be broken. producers of goods and services Another advantage of the European
conduct business in a legal way. Union is that goods that are traded
Free trade improves efficiency and Another goal of the WTO is to and sold are able to be sold for a low
innovation when trading because each reduce poverty and hunger in price; this is a benefit because it
employee is able to develop and obtain developing countries; by doing enables businesses to gain customers
skills that can be used in different areas. this it enables the company to as well as sales. The reason why
develop further. products are cheaper when in the EU
An advantage of free trade is that it is because products are sold tax free
allows countries to trade freely without The members of the government which means that customers do not
additional costs and restrictions; this operate in the World Trade need to pay VAT. Goods and services
means that the products that are Organisation but do not make the are able to be traded easily by being
distributed and traded are not restricted decisions, the decisions are made part of the EU because trading is able
by the Indian government. by ministers who have a meeting to be done easily because citizens
once every year; the decisions that are part of the EU are able to
may cause disagreements and travel freely.
may have to be changed which
means that time is wasted. The final advantage of being part of
the EU is that jobs are created. This
means that unemployment levels are
low where as if a country was to
leave the EU then unemployment
would be increased. The more
people that are employed means
that more money is being made, this
means that customers are able to
pay tax and purchase goods when
they are required to.
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