The World Trade Organization ( Wto ) Essay

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Globalisation is referred to as “The worldwide movement toward economic, financial, trade, and communications integration.” (Businessdictionary.com) Globalisation enables vast growth within international trade, foreign direct investment (FDI) and standard of living (measured by Human development Index). Globalisation in relation to Indonesia has greatly expanded the country’s international relationships, improved standard of living for the nation’s population and improved economic growth through assistance from strategies implemented to aid development. These strategies include Indonesia joining the World Trade Organisation (WTO) and introducing stimulating macroeconomic policies. Trade is defined as “the act or process of buying, selling or exchanging commodities, at either wholesale or retail, within a country or between countries.” (Dictionary.com- The definition of trade) Trade in indonesia has been greatly expanded through globalisation which has allowed the developing country to strengthen trade relationships with other developing countries as well as developed countries. Indonesia is the 25th largest export economy in the world and the 79th most complex economy according to the Economic Complexity Index (ECI). In 2014 Indonesia exported $197 Billion. It’s top exports include Coal Briquettes ($20B), Palm OIl ($17.5B), Petroleum Gas ($17B), Crude Petroleum ($9.7B) and Rubber ($5.42B). Indonesia’s top export destinations include Japan ($24.9B), China ($20.8B), the

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