And over 1 million of the citizens whose country will probably dominate this century in the way the US dominated last century visit us annually and take home generally positive impressions. Our immigration policies, currently again under fire at home, are seen in the developed world as benchmarks for how to integrate a highly diverse set of cultures into a fairly harmonious and stable society.
This organization owns a unified package of agreements to which all members are committed and enforces global rules for international trade. And by making a deal with Australia that leaves out sugar, Washington has jeopardised chances for meaningful progress on a hemispheric Free Trade Area of the Americas, and the latest round of negotiations at the World Trade Organization.
Indeed, it appears that the issue of the Farm Bill was not even raised in the negotiations. I have spoken to State Treasurers - once as a group late last year, and to the Victorian and NSW Treasurers earlier this year — about their ability and opportunity to make this work.
A multilateral contract indicates guidelines from which the minimum and maximum purchase price is set, so that importers have an indication of guaranteed purchase quantities and for producing nations to know what guaranteed amounts they will sell to importers.
The Rudd government took a similarly pragmatic approach, which its successors seem likely to continue.
The predominant view among mainstream economists, meanwhile, was that the costs of the agreement outweighed the benefits, but that the likely net impact was small. The most important requirements are to reduce barriers to trade between nations and to secure that member nations are acting within the predetermined rules.
Predicted effects Discussion of the proposed AUSFTA showed a sharp divergence among official estimates of the likely effects, those put forward by mainstream economists, and those of non-economists concerned with specific aspects of the agreement.
Ratings agencies have already expressed support for a shift to land tax, and so any borrowing necessary to front-end load such a shift should not cause a reassessment of credit ratings, if well explained as part of a structural reform agenda. We did this analysis so to give our political leaders credible data on which to base a response to the knee-jerk reactions of political and lobby groups that may arise in response to protectionist behaviour.