Economy of the UNAC
The economy of the United Nations of the Auroran Continent (UNAC) is the largest customs and free trade area on Urth. As of 1 December 2021, the economy of the UNAC comprises 22 sovereign nation-states. 21 of the member states of the UNAC are upper income nations while 1 is an upper middle income nation. 21 member states of the UNAC (except K'undzeti) including one other non-UNAC nation (i.e., Baykalia) are members of the Kirib Monetary Union (Kiribzone) using the kirib as their sole legal tender.
Legal framework
The laws of the UNAC govern the economy of the UNAC. The power to make laws which control the economy of the UNAC are shared by the UNAC and the member states. The Commission of the UNAC proposes and executes legislation while the Auroran Parliament and the Council of the UNAC discuss and approve legislative proposals. The Council of the UNAC can pass temporary or extraordinary acts which can circumvent existing laws which govern the UNAC economy. The treaties of the UNAC namely the Charter of the UNAC are the highest laws and they guarantee free trade, travel and movement of capital and create systems and structures for the coordination of economic, trade and fiscal policy among UNAC member states. Member states of the UNAC vary widely in their ideological stances but they all share some form of mixed socialist-capitalist economics.
Currency
The Kirib is the legal tender of all the member states of the UNAC except for Kundzeti which is transitioning from the provisional mark.. Once that transition is complete, all of the member states of the UNAC will use the kirib as their sole legal tender. The Auroran Central Bank (ACB) is the central bank of the Kiribzone. It is formally outside and independent of the UNAC. However, because most of the member states of the ACB are also members of the UNAC, the monetary policy of the ACB serves the interests of the UNAC economies. The Kirib the largest reserve currency in the world and it serves as the primary medium of exchange of the International Banking Exchange Cooperative. Thus, this gives the UNAC significant clout over the international financial system. The Kirib trades at 1 to 1 parity with the SHD. The Kirib is a free floating currency known for its remarkable stability and confidence. The countries with the largest reserves of Kiribs outside the UNAC are the United Confederation of Concordian States (UCCS), Packilvania and Peregrinia.
Trade
The UNAC comprises a single customs area and free trade zone. This means that there are no tariffs and virtually no non-tariff barriers to trade between member states. Nations can apply non-trade barriers to the importation of goods from other UNAC member states within the framework of the laws of the UNAC. This includes exempting island nations from importing goods that affect their natural ecosystems. Furthermore, tariffs with non-UNAC countries are set at a continental level. Moreover, trade relations with non-UNAC countries are coordinated at continental level. The Commission of the UNAC, Auroran Parliament and Council of the UNAC are responsible for developing and implementing the policies that govern trade in the UNAC.
Labour
The UNAC also comprises a single travel area. Holders of UNAC passports get a visa on arrival upon entry into a UNAC member states. Citizens of UNAC member states face fewer barriers to living, working and studying in the UNAC than citizens from other nations. Island nations are allowed to restrict the number of people that they allow to live and work in within their borders to prevent overpopulation. These exemptions apply to the Oan Isles, Yor, Kundzeti, The Andorinhões and Dragonia. The Charter of the UNAC protects the fundamental rights of workers throughout the member states of the UNAC such as the right to collective bargaining, fair pay, fair working hour, fair and safe working conditions, and adequate rest and recreation. Member states of the UNAC are required to enforce and bring effect to these requirements through their domestic legislation. The UNAC Commissioner of Labour is required to monitor, report on and support member states in the implementation of laws to protect the rights of workers within the UNAC.
Finances
Each member state is responsible for setting and collecting taxes within its borders. Secondly, each member state is responsible for developing and implementing a budget. Nevertheless, each member state makes contributions to the UNAC to support its internal operations as well as assist other member states. The Auroran Monetary Fund is an organisation of the UNAC that is responsible for ensuring balance of payments stability and promoting economic growth. The Auroran Monetary Fund loans funds to member states of the UNAC to help them meet their balance of payments obligations and to build infrastructure. Seated in the Oan Isles and originally conceived by Oan Foreign Minister, Arana Marama, it has assisted nations such as Asilica during the 2021 City of Asilica Terrorist Attack by making 40 billion KRB worth of funds available to the Asilica government to rebuild its economy.
Sectors
Primary sector
Great Morstaybishlia is the biggest producer of food in the world. It the biggest producer of products such as tea and wine from the Hobstiberry plant. Tivot is a leading nation in food related research due to the highly food technology sector which has made advancements in genetically modified food and laboratory grown food products.
The UNAC contains several substantial deposits of fossile fuels in The Oan Isles (Kohatu Isles) and Great Morstaybishlia. Major petroleum, natural gas and coal producers include Embask. The continent also produces gemstones. Major producers include Rosalica. The continent has rich ferrous metals deposits. Vendaz is a vertically integrated steel manufacturing and mining company that is among the largest providers of steel products on the continent.
The UNAC produces timber due to its abundance of natural forests. Major producers of timber include MBE, The Oan Isles.
Secondary sector
The UNAC has the biggest electronics manufacturing sector in the world. Through the Oan Isles, the UNAC is the largest producer of integrated circuits and semiconductor wafers in the world (mainly due to Metatron Corporation). Through Emberwood Coast, it is a leader in nanotechnology, and precision lasers. Through Great Morstaybishlia, the continent is a leading producer of consumer electronics (especially as it is the home of Damehowe and Primrose).
The UNAC competes globally in car manufacturing. Great Morstaybishlia is home to world-renowned car manufacturers such as Royal Redrugus and the Audelli Group. Velox Motors from Volkia has its Auroran motor vehicle assembly site in the Oan Isles.
The UNAC is a significant producer of armaments. KAE Systems plc, a arms manufacturing firm from Kuthernburg owns a shipbuilding subsidiary in the Oan Isles. Major indigenous producers of military hardware include Trech, Ferrus Industries, Oan Arms, Tuvalt Aerospace Organisation. Although originally conceived as a tunneling machine, Tuvaltastan has weaponised and is the leading manufacturer of the subterrene.
Tertiary sector
The UNAC has the largest financial services sector in the world. Tarov, Aura and Sani Bursil are among the largest financial services centres in the world. Major financial services providers include Golding Smithant (arguably one of the largest banks by assets managed), Standard National Bank, and Labia Turtle Bank. Through the development of complex base erosion and profit shifting tools collectively known as the Tivot Sandwich, Tivot is the largest and most sophisticated offshore financial centres in the world. Other major offshore financial centres include Blueacia and Emberwood Coast.
The UNAC is also one of the most important information and communication technology centres in the world. It is the location of the two of the largest internet service providers and software development companies in the world: Damehowe and Primrose. Other major ICT companies include Cafe Net (software and ISP) and Café Pay (mobile and online payments). Fort Staynes, Fort Jubrayn and Tokapa are among the leading ICT hubs in the continent.
The UNAC is one of the most visited areas in the world. Due to its historic monuments vibrant and diverse cultures, accessibility and international connectivity, and iconic natural landscapes, the UNAC attracts millions of tourists every year. Furthermore, free travel arrangements among member states have encouraged intra-UNAC travel such that tourists from UNAC member states are the largest group of tourists. Sani Bursil is the most visited city on the planet. As the origin of Thaerism, Great Morstaybishlia is among the biggest nations for religious tourism (in the form of pilgrimage to religious landmarks such as Syllester Abbey) on the planet. Blueacia is the leading provider of oceanliner services on the continent as well as being the home of the Blue Ocean Cruises. Kuthern company JV Marine World Parks & Entertainment constructed and manages a massive water park and resort in Anapa, the Oan Isles.
The UNAC is a hub for international shipping and trade. Tauranga a te Toka, Aeternum, Aura and Tarov are the leading ports in the continent. Tauranga a te Toka and Port of Triklov in Tarov are especially known for their transshipment operations.