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Question: Discuss about the International Trade. Answer: Introduction International trade can be termed as the key to the development and prosperity of Australia. This very connection with the world market that gave this country the stale for its mining and farming and agricultural industries. Large scale trade with the foreign markets also acts as the support base for the other industrial sectors as well. These foreign market or the transactions with the foreign markets have now become easy to access as they are very easily reachable through foreign trade and foreign investment as well (Meyer Peng., 2016). Thus, it is under stable that Australia needs to maintain a very healthy and smooth relation with all its foreign clients in order to have a proper International trade market (Weatherall 2015). In this modern era of science and technology, it becomes all the very essential to have a strong technological base as well. Australian business benefits a lot from the technology and scientific equipment transfer that takes place from abroad and this, in turn, is very much beneficial for the domestic economy as well as it benefits from the efficiency and the improvement that is available from the foreign technologies. Another important factor of this business efficiency is the large scale availability of the imported consumer goods which are competitively priced and consequently these imported consumer goods helps in adding some extra value that all the Australians get from their income. But in order to avail such advantages from the international trade. WTO WTO is the only organization that promotes free trade and enables the countries all over the world to undertake foreign trade. This organization looks after the foreign trade transactions and also promotes a smooth and organized business relation within the countries. It also encourages the countries to adopt the necessary measures and undertake the negotiations needed for foreign trade transactions. Australia must be open towards accepting trade relations with the foreign countries by supporting organizations like the WTO or the World Trade Organization which helps in promoting and encouraging open trade overseas ( Taylor Yang2015). The World Trade Organization and the multilateral trading system have generated a considerable amount of revenue both for Australia and for the rest of the world economies as well. Trade is very much essential to the economic prosperity of Australia. The quality of Australian trade representation in Geneva has also helped in giving a great boost to the trade and commerce base. Another important and notable significance of WTO was the inclusion of the agricultural products in the Uruguay round, since one of the major strengths of Australia is its agricultural output. Apart from this, the WTO also helps in the proper negotiations among different countries and their tariffs and this also enable Australia to reduce the Chinese tariff rates on Chinese wine, cheese, and several other items. It is because of the policies f WTO that Australian firms have become much more innovative and productive. Though WTO has really helped Australia to reduce its tariff rates and enrich them in terms of foreign technological know-how that has altogether given a strong boost to their industrial environment, it also brings along with some threats as well, it creates too much pressure on the Government to become even more protectionist. These negotiations often take a very long time to be proposed and accepted and then implemented by the Government, as a result of which the miners and farmers will have to wait for a long duration of time to get any instrumental economic changes. As is already evident that agricultural sector forms a major part in contributing t the Australian economy, and it is also the most distorted sector all around the world, so, the WTO must formulate some new round of negotiations that will make the trade opportunities much more open, transparent in terms of International trade. Paris attacks Any terrorist attacks taking place anywhere in the world affects the day to day lives a great deal. It not only hampers millions of lives of people about disrupts the market and the business and the country which undergoes through such trauma usually is rendered economically and socially weak for a long period of time, there is a large scale loot and plunder done by the enemy armies, the market and the transportation and communication is rendered totally destroyed, hence no business transaction is undertaken for a long time period until normalcy is restored. The terrorist attacks also have a harmful impact on the markets thus causing great pressure on the economic set up of the country The Paris attacks apart from causing a major physical destruction also destroyed the machines, communication, and transportation systems (Estrada Koutronas ., 2016). The productive resources that might have generated valuable goods and services are destroyed, while other resources are diverted and use d for boosting up the military purposes. So, none of this adds anything to the standard of living. International investment and cooperation are absent in a time haunted by terrorism. In this ti, me of severe death and destruction, no markets are ready to undertake any trade transactions and particularly if those trades are to be carried on overseas. Moreover, the transportation and communication system is also largely disturbed and there can be chances of robbery and theft in the route of transportation of goods either in terms of export or imports, as a result of which there are chances of artificial crisis in the market that occurs due to hoarding of goods and this leads to a hike in price of the daily consumer goods, as a result of which there is a pressure created in the markets. Global Financial crisis of 2009 The major impact was the reduction of wealth among the households of Australia as there was a large reduction in the equity prices. Oil prices Whenever there is a sudden increase in the oil prices, the world economy suffers several changes, and the international trade also gets affected a great deal. The countries that export oil may face major los if due to the price rise; the other foreign countries reduce or stop their oil imports. The economies that are not importers of oil can suffer a loss in the purchasing power if there is an increase in the price of oil, this affecting the national income, in the past few years, Australia has tried to keep the imports of oil related products slightly higher than the exports. Fuel consumption is also being reduced due to the high price of these products. As a result of which there has been in the sale of the small cars than the large vehicles and the passengers cars. Free trade agreements Free trade agreements have proved to be very beneficial for the several countries as it is helpful not only in reducing tariffs but also helps to develop better and smooth trade relationships ,promotes cooperation among two countries and also increases the total production as there is better exchange of knowledge , Which consequently increases the GDP. Free trade agreements have proved to be very beneficial for the Australian markets as it is helpful not only in reducing tariffs but also helps to develop better and smooth trade relationships between two countries, encouraging investment and also promotes cooperation among two countries thus making the trade relations work easily. This also helps in increasing the total production of Australia and contributes towards increasing the GDP by giving a boost to domestic business as the inputs are available at a much cheaper rate; it also helps in introducing new technologies and fosters competition and diversity among the countries. It also helps in providing sustainable growth of the less developed economies. China and Indias influence on global economy Chinas influence on the global markets has been two fold and different for different countries, China on hand gives a very strong competition to the other countries, thus making most the economies to undertake trade relations with them, because most of the countries around the world are eager to enter into business relations with china because of its highly advanced workforce and technical knowhow. Chinas transition from an investment oriented economy to a service oriented one is underway, this has led to a sharp increase in the price of Australias imports and a fall in the exports thus creating a pressure on the national income (Liu et al 2016). But it also brings some opportunities s well, there is a well educated and well-trained work force having good knowledge about the production and about the existing business environment. It also gives a free entry to several cultures which helps in imbibing the diversified and wide range of features thus making the economy a multi cultural o ne. It is an open economy (Heilmann et al., 2014). The relationship between India and Australia has developed over the years. Economically speaking, the trade relationship between the two countries has increased rapidly in terms of merchandise trade. India is the largest importer of Australian coal and wool. It is also assumed that in the coming years, Australia will remain quite attractive to India because the Indian population is expected to rise and this, in turn, will create a huge demand for agricultural products and energy sources thus, creating a huge market for Australian exports. Stock market Changes in stock market that is sudden increase or fall in the price of shares in the stock market affects the global trade relations, falling price of shares renders the firms unable to raise finance, and the customers tend to invest more in gold and government bonds rather than in shares, as a result of which the business relations also get hampered. If Movements in the stock market can have a considerable amount of impacts on the economy as well as on the day today lives of people (Rimmer, 2017). If there is a sudden fall in the price of the shares, it can have a widespread damage to the economy. As the Australian share market went on a rollercoaster price hike and then suddenly suffered a loss, it is assumed that the Australian economy can suffer a lot. It I likely to have damaging effects on property, job security, savings of people and it is also a risk for the small business owners. The overseas trade however4 face several risks due to the changes in the stock market like curr ency risk, liquidity risk, and bottom line risks. At the same time, favorable changes like price hike of the shares I the stock market can greatly help the country to diversify its portfolio and earn considerably higher returns. An analysis and assessment of the international business and electronic commerce market Uber Uber has evolved from just an app to the highly valued start-up in the world. Uber is very much focussed on building its business (Sander Pattison 2016). This company has changed its agenda from providing rides on demand to also providing some free service like transportation during blood donation camps, caste votes, donate clothes etc. It is also said that Uber may be able to benefit drivers across 47e cities and 76 countries where it works. This app is quickly expanding in the developing countries of the world and it is definitely helping to give the global trading affair a great boost because transportation and communication is an integral part of global or overseas trade and one definitely needs to have a smart and quick service to deliver the goods and services to and from the desired locations at right time without any delay. It is easily accessible through smart phones and the app is also very easier to handle. Uber rides have become widely popular in Australia and particular ly in Sydney, and is also helping to give the global trade a major boost by helping to make the communication and transportation system easier and faster. However, there is also the threat of pollution as it emits harmful chemicals from the large scale usage of petrol and diesel, so it is recommended that as Uber operates on a very large scale, it must adopt eco friendly car fuels and must get the car's pollution free measures to check the emission of harmful chemicals into the atmosphere. UberEATS The electronic commerce market is taking a major move towards uplifting the International trade so as to increase the total economy of the country. In today's scenario, the consumers are looking forward towards newness and innovations in every goods or service that they use and they are also in demand for faster and easier services. UberEATS brings a variety of food at the desired locations of the buyers, so not only does it help in satisfying the hunger but also it fulfills the desire of having several varieties of food just with the help of a single app. It has also become quite popular in Australia as it is helping in attracting a huge number of buyers, thus increasing the goodwill and strengthening the customer base. As it brings a variety of food from different cuisines, so International trade is also boosted by it because people from all across the globe will use this app to get the food of their choice and the added advantage is the reliability and the speed of Uber cabs as we ll. Netflix This has also helped to give the overseas trade a big boost because it helps in providing media streaming, videos online and DVDs on mail, so it is something that will be opted by people living all around the world. But at the same time, this electronic commerce segment has to work hard in order to gain popularity globally. As has been seen, it does not have sufficient content internationally and owing to this problem of limited content, its service becomes quite expensive in different parts of the world. Bitcoin This is one of the modern scientific technologies that help in passing the trade transaction information from one party to the other through encrypted codes and messages so that they stay secure and cannot be decoded by hackers or other business rivals (Davids 2014). They can be termed as the encrypted currency, but as technology has it, anything that is built and no matter how much strength it is built it can be broken down and there always remains the threat of hackers hacking the important business information so measures are being adopted to make these systems much stronger and secure. Airbnb This particular e-commerce platform is one which is giving the international trade a great boost because it is an app through which, people can get to choose the best places like hotels, motels etc where they can stay at the considerable price in their desired locations. This is thus helping to save the valuable time and energy of delegates who have to travel overseas in order to carry on business transactions, this app helps them to easily locate and book hotels or other staying places in their desired locations. This indeed is a faster, rapid and very useful service in terms of global trades. Airtasker In todays modern scenario, international trade is the key factor we for the development of many countries and this app is very useful in carrying out the international business transactions (Meltzer 2016). Speaking about Australia, this app has been developed in Sydney and is giving a considerable encouragement to the overseas trade of not only Australia but the entire world as well (Erickson Legging ., 2015). It provides the service of online mobile marketplace enabling which is one of the easiest, faster and handy ways to carry on the overseas trade, there is no loss of time and no time is wasted on negotiating about the service prices, the users who need the outsourcing to be done gives the detailed description of the task and then the members bid and negotiate the price among themselves. Drones Drones are now being extensively used in order to make the global business transactions safe and secure and indeed they are a very helpful tool for promoting the overseas business (Vidmer et al 2015). A good application can be seen in case of the ship carrying cargos and happens to pass by a dangerous passageway, in such as a drone can be launched into the sky which will track and alert the captain of the ship about the passageway and about any danger lying ahead, hence this application is immensely useful for carrying the overseas trade in a safe and secure way. One of the major advantages is that it has the ability to view and track things without putting anything or anyone into harm (Barratt, Ferris Winstock., 2014). Driverless cars This is an ongoing experiment in the field of technology and modern science to create this path breaking electronic invention on driverless cars where no drivers will be needed to run or control the cars, they will be based on the robotic technology and will be remote auto controlled. This will make the transportation and communication to a level that no one could think of before, This indeed will be a great boost to the global business transactions as it will help in saving time and will make the entire process of transaction easier and faster. A risk and impact analysis of the potential market There can be the chance of operational risk as well while implementing these tools for increasing the global transactions. One of the major causes behind 6this type of risk can be the lack of proper knowledge, certain loopholes in the internal management or any external aspect like that of a legal risk (Gamble ., 2017). Apart from this, there can also be the financial risk as well, if the organizations run short of the sufficient amount of funds that are needed for carrying on the international trade because using all the modern scientific and advanced technological methods for the smooth functioning of global trade is too much expensive and complicated as well (Ren, 2014). At times the country might be unable to pay off its debts at a time and can get financially weak and hence run the economic risk (Steemers, 2016) so they must make their business decisions very carefully. A country can also suffer political risk, if it is failing to maintain a favorable climate for the outside inv estors or if it fails to pay or is unwilling to pay off all its debts in spite of having sufficient funds, severe legal actions are taken in such cases ( Gleeson Friel .,2013). North Korea itself has a lot of severe tensions going on within it and is a severe victim of social and political unrest and the major problem lies in the fact that it sees itself as an enemy of America and is also ready to go to the extent of war if needed (Duffy 2014). It also has issues with China regarding its missile testing that entered into the economic zone. It is also due to the large amount of nuclear resources and missiles that are present in North Korea, that the other countries are unwilling to enter into any business relations with them and this, in turn, affects the overall global transactions (Hanson 2017). Russia itself is suffering from a major economic setback for the last few years. In the year 2015, the GDP fell by 3.7 percent, apart from this, Russia has also been facing another severe problem of decline in funds and invest, menus, A sharp fall in the energy crisis has further boosted this economic depression of Russia, in such times it is not at all a wise decision for Russia to go into any major global transactions, else it might suffer from financial, economic or political or risks. Conclusion Thus, it is concluded from this study that, modern science and technology has been playing a major role in inventing several technical devices that in the future years will take life to the next level and if things work as planned, it will also help in encouraging overseas transactions a great deal which in turn will help in increasing the total income of the country. But just as a coin has two sides, science and technology also have its darker side as well, there can be instances where people will try to misuse these for their personal benefit; hence necessary preventions are also to be adopted at the same time. Reference List Barratt, M. J., Ferris, J. A., Winstock, A. R. (2014). Use of Silk Road, the online drug marketplace, in the United Kingdom, Australia, and the United States. Addiction,109(5), 774-783. Davids, C. (2014). Facilitation payments in international business transactions: Law, accounting, and the public interest. 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