Office of the United States Trade Representative. September 30, 2013.
“Today, the U.S. and the European Union are each other’s largest economic partners, with $2.6 billion dollars’ worth of goods and services flowing between us each day. We invest nearly $4 trillion in each other’s economies, creating the world’s largest investment relationship. And more than 13 million people owe their jobs to the transatlantic economic relationship. The U.S.-EU economic partnership is second to none. But we know that we can do more. We can do more for economic growth. We can do more to create jobs. We can do more to strengthen rules-based trade that supports the entire global trading system. And that is precisely why we launched the Transatlantic Trade and Investment Partnership, or T-TIP. Together with the Trans-Pacific Partnership, or TPP, and the work being done at the WTO to negotiate a multilateral Trade Facilitation agreement, a plurilateral Trade in Services Agreement (TISA) and an expansion of the Information Technology Agreement (ITA), we see T-TIP as an opportunity to raise the standards, to introduce new disciplines and ultimately to strengthen the multilateral trading system.”
Peterson Institute for International Economics. July 2013.
This paper describes seven salient features of trade integration in the 21st century: trade integration has been more rapid than ever (hyperglobalization); it is dematerialized, with the growing importance of services trade; it is democratic, because openness has been embraced widely; it is criss-crossing because similar goods and investment fl ows now go from South to North as well as the reverse; it has witnessed the emergence of a mega-trader (China), the first since Imperial Britain; it has involved the proliferation of regional and preferential trade agreements and is on the cusp of mega-regionalism as the world’s largest traders pursue such agreements with each other; and it is impeded by the continued existence of high barriers to trade in services. Going forward, the trading system will have to tackle three fundamental challenges: in developed countries, the domestic support for globalization needs to be sustained in the face of economic weakness and the reduced ability to maintain social insurance mechanisms. Second, China has become the world’s largest trader and a major beneficiary of the current rules of the game. It will be called upon to shoulder more of the responsibilities of maintaining an open system. The third challenge will be to prevent the rise of mega-regionalism from leading to discrimination and becoming a source of trade confl icts. The authors suggest a way forward—including new areas of cooperation such as taxes—to maintain the open multilateral trading system and ensure that it benefits all countries. [Note: contains copyrighted material].
http://www.iie.com/publications/wp/wp13-6.pdf [PDF format, 66 pages].
Center for American Progress. July 2, 2013.
The structure of the world economy is evolving, with the flow of goods, money, people, and ideas integrating at remarkable speed, and with growth and investment coming increasingly from large and lower-income countries. There is a new geo-economic reality that presents a wealth of opportunities for global growth, but also a wealth of risks to economic well-being now and for the long term. Global economic institutions must evolve as well. The G-20 is leading this charge, but the institution-building has some way to go. As an institution, the G-20 draws its strength from the sense of community fostered among member countries’ leaders and officials. Though all parties have “skin in the game,” coordination to achieve well-known potential welfare gains for the world through stronger, more balanced growth is elusive in this noncooperative world. The central question is: What does the G-20 need to do institutionally to be capable of sustaining cooperation among member countries over the long term? [Note: contains copyrighted material].
http://www.americanprogress.org/wp-content/uploads/2013/07/HershG20-INTRO.pdf Summary [PDF format, 8 pages].
http://www.americanprogress.org/wp-content/uploads/2013/07/HershG20-report.pdf Full Text [PDF format, 44 pages].
Council on Foreign Relations. May 3, 2013.
Cybersecurity is now a leading concern for major economies. Reports indicate that hackers can target the U.S. Department of Justice or Iranian nuclear facilities just as easily as they can mine credit card data. Threats have risen as the Internet has become a critical infrastructure for the global economy, with thousands of operations migrating onto it. Put simply, as the global economy relies more on the Internet, the latter becomes increasingly insidious. There is no doubt that the Internet is efficient. But it now needs a more concerted global effort to preserve its best aspects and guard against abuses, says the author. [Note: contains copyrighted material].
Center for Global Development. March 28, 2013.
The Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership are regional trade deals that could have adverse trade and growth effects on excluded poor countries. US trade policy already discriminates against exports from poor Asian countries; the TPP would make things worse, for example, by giving preference to Vietnam’s exports over Cambodia’s. Regional agreements can also undermine the World Trade Organization and the global system that protects smaller, weaker developing countries. The United States can help ensure that poor countries are not left behind. This brief suggests three policy changes that Congress and President Obama should embrace. [Note: contains copyrighted material].
http://www.cgdev.org/sites/default/files/restoring-us-leadership-trade-and-development_0.pdf [PDF format, 4 pages].