Recommendations
In as much as both TECA and TPP are beneficial partnerships, they can be improved upon in order to maximize the benefits they offer to the individual partner states. For instance, in as much as the agreements were reached bilaterally, implementing the necessary legislation that can allow smooth operation of the agreement has hitherto been a challenge to some signatory states to the partnerships. Such is the case especially for the TPP which has 15 signatory states. As Aggarwal and Urata, (2013) documents, countries not only need the requisite legal, administrative and regulatory frameworks to see the statutes of agreements through, they also need good-will from individual countries. This is because the agreements place a huge burden on the individual governments. Going forward, borrowing ideas from similar but larger agreements will prove to be invaluable. Case in point is the WTO agreements were members contribute towards the affairs of the partnership. By having individual member countries, in this case Bot Canada and Australia for the TECA, and the 15 states in the case of TPP, contribute towards a common pool aimed at managing the affairs of the partner states will be priceless.
Overall comments
Both TECA (Trade and Economic Cooperation Agreement) and The Trans-Pacific Partnership (TPP) are commendable partnerships that bring great economic and trade gains. With improved trade and investment, the accruing benefits can also be felt throughout the economy of the member-partner states. It is thus evident that improving the economic standing of a country comes with additional positive impacts to the economy as Lussier and Halabi, (2010) document. Additionally, it is hard for individual countries to experience exponential economic growth unless they can enter into beneficial partnerships in order to improve their standing (Aggarwal and Urata, 2013). Both TECA and TPP are thus noteworthy partnerships towards this positive direction. As such, both agreements between Canada and Australia, and between the 15 member states for the case of TPP, should be emulated and replicated in other jurisdictions.
Conclusion
Conclusively, it is undoubtable that Canada and Australia enjoy a friendly and highly productive partnership. This partnership has witnessed the signing of the TECA (Trade and Economic Cooperation Agreement) the most beneficial agreement between both countries hitherto. Not only has TECA helped in bolstering trade and investment between the two countries, it has also fostered unparalleled economic growth. Through open trade between both countries, economic barriers and red tapes have been eliminated as (Ciuriak, 2012) observes, while the private sector has been strengthened. Investment opportunities in both countries have in effect been opened up through TECA partnership. In the long run, the TECA partnership has been instrumental in ensuring more jobs are created between the two states, their economies have been bolstered, infrastructure developed and living standards improved.
The Trans-Pacific Partnership (TPP) between the 15 member states has equally served to strengthen the individual member states on various other fronts such as improving education levels and healthcare delivery (Williams, 2013). With the signing of the TPP, trade and investment between the member states has thus improved while associated factors such as improved living standards and more job opportunities for the individual member states have come along with it. Both agreements are thus positive steps towards a liberalized economy and a more free market and as such they should be emulated and lauded.
References
Aggarwal, V., & Urata, S. (2013). Bilateral Trade Agreements in the Asia-Pacific: Origins, Evolution, and Implications. Routledge.
Ciuriak, D. (2012). Canada-Australia Commerce: Enhancing the Relationship. A Report for the Canadian Council of Chief Executives. Retrieved 9 February 2016, from http://www.aigroup.com.au/portal/binary/com.epicentric.contentmanagement.servlet.ContentDeliveryServlet/LIVE_CONTENT/Publications/Reports/2012/4_Final_CCCE_Report-April_25_2012.pdf
Lussier, R. N., & Halabi, C. E. (2010). A Three‐Country Comparison of the Business Success versus Failure Prediction Model. Journal of Small Business Management, 48(3), 360-377.
Williams, B. R. (2013). Trans-Pacific Partnership (TPP) countries: Comparative trade and economic analysis.
