Policy Analysis and Evaluation

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Table of Contents

Introduction
Definition of the Problem
Establishment of Evaluation Criteria
Alternative Policies
Evaluation of Alternative Policy
Displaying and Selecting Among Policies
Conclusion
Works Cited

Introduction

Globalization has influenced the growth of trade, to the point that countries engage in exports and imports transactions worth billions everyday. Governments take advantage of these transactions by drafting and implementing policies to promote their countries as preferable trading hubs. This status is important as it determines the angle with which the world views a country.

Among the leading hubs currently are China and the United Arab Emirates (UAE). Most of their status success is the result of their globally analyzed and approved trade policies, although China receives some criticism from the United States occasionally. The UAE is among the best examples of what other countries should be looking into to achieve global economic dominance.

Definition of the Problem

When the UAE became part of the World Trade Organization (WTO) back in 1996, it had to abide by its requirements. The WTO regulations require that member states reduce the frictions that slow down trade. Such barriers include trade tariffs and import tax imposed on certain commodities viewed to be crucial in the daily life of citizens.

To do this, it adjusted its trade policies. With the adjustments, the countries ensured that it had created an international trading environment that supported, and therefore encouraged multilateral trade with other countries. This ensured that the country was successful in its quest to becoming the world leading open economy, getting ahead in international trade, and promoting competition (Ministry of Foreign Trade).

All these required implementation of new policies that were attractive to the global business economy. The greatest of the new policy’s contents was the reduction of the interest rates to 5%. This may be the lowest interest rate offered by any country worldwide. Such is because of the market observation that there was a boom in the infrastructure sector in form of foreign direct investments.

Establishment of Evaluation Criteria

The WTO agreements heavily influenced the evaluation criteria. After signing in officially as members, the UAE bound itself to the regulations that it had to implement policies similar to those of other WTO member states.

Leading economies such as the United States and Japan set precedence serving as the best that showed the way to go. Moreover, the UAE government had already drawn up a roadmap that indicated the destination of the country’s economy in the following decade.

Alternative Policies

The UAE, in their quest to attain economic leadership, ended up creating one of the biggest rifts between the rich and the poor. Most of its urban population being foreign includes an indigenous population that wallows below the poverty line.

The leaders are acting upon this notice, as the government promotes education of this population through academic scholarships and student expenditure subsidies. With this, the poor will arm themselves with the right qualifications required to aid them in their steering of the country towards economic growth.

Evaluation of Alternative Policy

It is clear that the trade policies positively transformed the UAE economy to great heights, but it has also divided the greater native population, isolating them to the status of a helpless population. Through the eyes of Malaysia, one is able to get a good example of the alternative policy.

Though they retained their gap between the rich and poor, they boast economic success as, other than being a highly developed economy, Malaysia managed to attain a 10% economic growth in the first quarter of 2010 (Malaysian Economy-Update). It can only credit this development to the government’s involvement of its people in its development blueprint.

Displaying and Selecting Among Policies

The two policies utilized by the two countries both target economic superiority, though both represent different priorities in their mandate. Leading in economic growth and sustainability may be the dream of every nation, but considering the fact that the native only suffer because of this success, it is important for nations to embrace patriotism.

The people do not need food from the government, but expect it to teach them how to catch fish so that they finally do not need it much to eat. Equipping them with the academic skills they need to contribute to the development of the economy is the first and most important step towards attaining this. This will of course require redirecting of resources from the trading development sector to the education sector.

For a nation that earns from every sector that exists in different economies, this ought not to be a hard endeavor to indulge in. The only problem hampering this is prioritization of projects in the country’s budget. This is the wisest investment a country can make, considering it will double as an appreciation to the beneficiaries.

Conclusion

Governments ought to review critically trade policies so that they create a mechanism whereby the benefits resulting from modernization create better environments for the locals to participate in.

This move increases the loyalty citizens have to a country, according to observations over time, which equally translates to the dedication they give to ensure its success. Everyone looks for a place to call home, and often, that he/she ensures that place looks its best when such an opportunity comes up.

Works Cited

Ministry of Foreign Trade – U.A.E. U.A.E. Trade Policy. 2010. Web.

Malaysian Economy-Update. September 1, 2010. Web.

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