Your Policy Brief needs to consider the ways that the Australian economy is part of the Asian- Pacific region and connected to the rest of the world. Your team is analysing the ways that countries interact with each other for the purpose of elevating economic prosperity and overall wellbeing. a) Explain what is meant by the term 'globalisation' and what is the link between globalisation and wellbeing? (2-3 sentences) b) As the world continues to recover from the COVID-19 pandemic, give some examples of the ways that international collaboration and co-operation have been important for the global recovery? In what ways has international collaboration been under threat during the pandemic, and what policy arrangements and institutional settings can help to ensure that countries continue to co-operate with each other in the future? (2-3 sentences) c) The Australian Trade and Investment Commission (Austrade) reports on Australia's trade patterns with the rest of the world, as illustrated in the map below. In its 2021 Benchmark Report, Austrade noted that "12 of Australia's top 15 export markets are in the Asian region. China remained Australia's largest trading partner in 2020, accounting for around 31% of total two-way trade. Japan and Korea continue to be important trade partners, representing around 13% of total trade." Australia's top 15 export markets, 2020 14. Germany A$4.960. .J. China A$158.7hn 3. US A$27.Shin - .9. Taiwan A$10.7bn 4. Korea A$25.1bn S. UK A$18.Bbm . .2. Japan A$46.6bn . 10. Hong Kong SAR A$9.3bn # 12. Vietnam A$8.Obn # 7. Singapore A$16.0bn * 13. Indonesia A$7 1bn Total 6. India A$17.obn . 15. Thalland A$4.7bn. . R. New Zealand A$13 8bn 11, Malaysia A18.Abn . Helena The Asian mopon is defined as asia and Comunis. d, 2021, Trade antrade Source: Austrade, Benchmark Report 2021 https://www.austrade.gov.au/benchmark-report/global-ties (Accessed 1 September 2021).Much of Australia's exports with these Asia-Pacific countries include commodities such as iron ore, coal and agricultural products, but also include services such as tourism and international education. Limitations on travel during the pandemic has affected these services. When the pandemic eventually passes, and visitors from China, India, Japan, South Korea and many other Asian countries can more easily travel to Australia again, what do you predict will happen to the value of the Australian dollar, and why? (2-3 sentences)