In: Economics
Do you think governments should consider human rights when granting preferential trading rights to countries? What are the arguments for and against taking such a position?
In my opinion the government must include human rights while granting preferential trading rights. The preferential trading agreement refers to a trading bloc that provides preferential access to certain goods from the participating nations. Most developed countries preferential trading rights as a tool of negotiation to gain a competitive benefit, to impose their culture on developing nations, and use it as a non-tariff trade barrier. The human rights violation while granting preferential trading rights will destroy the economy instead of building it.
The main arguments in its favor are that with such implication it exerts the pressure to eradicate poverty, remove corruption, stop child labor, better working or living environments and protect women rights. Thus if not considered it may lead to illiteracy, poverty, corruption and an unstable government. The preferential trade regulations overall can provide a protection to human rights that directly corresponds with global laws and principles only when serve the interest of policymakers or resource accumulation by taking into consideration of human rights. It will directly affect to enhance the equality and fairness.
The arguments against it are that it is a very time consuming. The drafting of such agreement will be a long term process as it needs to ensure the interest of both parties. Moreover this would too enforce specific kind of tariff and it might decline the profits of any manufacturer therefore required to reduce their fees to get past that hurdle