Sydney - Australia's proposed free trade agreement with the United States would cost the local economy almost A$50 billion (R226 million) and up to 200 000 jobs, a new study warned Monday.
Compiled by the National Institute of Economic and Industry Research (NIEIR) for the Australian Manufacturing Workers Union, the study claimed the pact would require Australia to effectively surrender its chances to expand into knowledge-based industries.
It also warned that Australia's long-term competitiveness would be hit.
The study followed the release in April of a government report concluding the pact would add more than the A$6 billion (R27.7 billion) a year to the economy and around A$52 billion within 20 years.
That report has been widely criticised as overly optimistic and based on unrealistic assumptions.
http://www.busrep.co.za/index.php?fArticleId=2104194
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