The Challenges and Opportunities of International Trade: Past, Present, and Future

July 1, 2013

The administration is engaged in negotiations that go far beyond our nation’s vast expanses, Atlantic and Pacific, as well as our northern and southern borders. This demonstrates vividly that globalization is here to stay. Today, Japan joins negotiations to establish a Trans-Pacific Partnership agreement that would cover 40 percent of world GDP and about one-third of total world trade. Earlier this month, the United States and the European Union began negotiating a transatlantic agreement that would cover nearly half of world GDP and about 30 percent of global trade. In Geneva, the United States is playing a leadership role in negotiations to establish a Trade in Services Agreement with over 20 nations, with more likely to join in the future, and it is negotiating a customs facilitation agreement and an information technology agreement.

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Topics: TRADE PROMOTION AUTHORITY (TPA) REGIONAL INTEGRATION

Regions: CHINA JAPAN UNITED STATES EUROPEAN UNION (EU)

Authors: SANDER M. LEVIN

Publishing Institution: PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS

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