European Countries Include Two Categories Term Paper

Pages: 9 (2560 words)  ·  Bibliography Sources: 9  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] Third, the trade relations have produced, over time, several cooperative mechanisms and agreements, both formal and informal, that play a fundamental role in solving potential problems that appear. This type of mechanisms will continue to benefit bilateral trade between the EU and the U.S.

The future U.S.-EU free trade agreement

Peterson had also pointed out that, while the economic relationship remains the most important part of the U.S.-EU relationship, bilateral economic policy had stalled towards the mid-2000s

. It is the argument of this paper here that (1) this trend continued to the present day and that (2) the discussions around a future U.S.-EU free trade agreement is the most concrete and decisive factor that could move the economic relationship forward.

The need to boost the economic and commercial ties that have stalled is not the only reason behind this type of agreement. Both the EU and the U.S. economy have been severely injured because of the economic crisis and there is obvious hope on both sides of the Atlantic that such a free trade agreement would help both economies. Companies also lobby for it because there is hope that such an agreement would remove some of the non-tariff barriers that have been discussed previously, especially by sidelining some of the regulatory instruments in place

A free trade agreement, while the obvious solution for boosting trade relations between the EU and the U.S., is not necessarily something easy to achieve. There are numerous reasons for this and some appeared as soon as the opening of discussions was announced, in June 2013. The President of the European Commission, Jose Manuel Barroso, criticized the French for refusing to open up their film industry and for continuing to offer subsidies for this industry

This type of discussion shows what some of the problems are. First, on the EU side, the authority is always split between the national governments and the central authorities in Brussels. In theory, all authority related to commercial issues has passed to Brussels, but when it comes to a free trade agreement of this nature, the national governments will have an important say. This will likely show a fragmented authority on the EU side that will prolong the decision making mechanisms.

At the same time, this type of discourse shows that there is large category of products and services that will make the object of significant discussion and argumentation. The film industry is only the start of a discussion that will move to the agricultural sector, where significant pressures from lobbying groups in both the U.S. And the EU will aim to remove the chances for the elimination of subsidies and other forms of protectionist instruments. The agricultural sector will also see debate about the genetically modified organisms (GMOs) and how these will be treated in the wider framework of the free trade agreement. Many of the other issues that have been previously discussed in this paper, including regulatory aspects and other forms of non-tariff barriers will remain thorny issues in the negotiations.

Conclusions

The trade relations between the EU and the U.S. remain a fundamental aspect of the bilateral relations across the Atlantic. The volume of the bilateral trade makes this the most important commercial relationship on a global level and a generator of global GDP. Not without occasional problems, the trade relation remains solid because of the commitment of decision makers in both the EU and the U.S. towards this, as well as a continuous pressure from the economic actors towards improving the trade environment.

As shown, the trade relations appeared to have stalled during the 2000s, but discussions about a free trade agreement between the U.S. And the EU creates the premises for future developments. It is clear that both entities need this as a way of becoming more competitive in a global environment where strong competition from countries like China and India brings serious challenges. The first step, commitment from political leaders, has already been made this year and it remains to be seen how this political commitment can be translated into concrete result in technical negotiations.

Bibliography

1. Peterson, John; Young, Alasdair. N.a. Trade and Transatlantic Relations. On the Internet at http://www.princeton.edu/~smeunier/Peterson%20Young%20Memo.pdf. Last retrieved on September 23, 2013

2. Ahearn, Raymond, coordinator. 2008. European Union-U.S. Trade and Investment Relations: Key Issues. Congressional Research Service Report.

3. Ahearn, Raymond. 2006. Trade Conflict and the U.S.-European Union Economic Relationship. Congressional Research Service Report.

4. Weyerbrock, Silvia; Xia, Tian. 2000. Technical Trade Barriers In U.S./Europe Agricultural Trade. Agribusiness. Vol. 16, No.2, 235-251

5. Ewing, Jack. 2012. Trade Deal Between U.S. And Europe May Come to the Forefront. The New York Times.

6. Castle, Stephen; Calmes, Jackie. June 2013. U.S. And Europe to Start Ambitious but Delicate Trade Talks. The New York Times.

7. Meunier, Sophie; Nicolaidis, Kalypso. 2006. The European Union as a conficted trade power. Journal of European Public Policy. 906-925

8. Top Trading Partners - December 2011. On the Internet at http://www.census.gov/foreign-trade/statistics/highlights/top/top1112yr.html. Last retrieved on September 23, 2013

Top Trading Partners - December 2011. On the Internet at http://www.census.gov/foreign-trade/statistics/highlights/top/top1112yr.html. Last retrieved on September 23, 2013

Peterson, John; Young, Alasdair. N.a. Trade and Transatlantic Relations. On the Internet at http://www.princeton.edu/~smeunier/Peterson%20Young%20Memo.pdf. Last retrieved on September 23, 2013

Ahearn, Raymond, coordinator. 2008. European Union-U.S. Trade and Investment Relations: Key Issues. Congressional Research Service Report.

Ahearn, Raymond. 2006. Trade Conflict and the U.S.-European Union Economic Relationship. Congressional Research Service Report.

Weyerbrock, Silvia; Xia, Tian. 2000. Technical Trade Barriers In U.S./Europe Agricultural Trade. Agribusiness. Vol. 16, No.2, 235-251

Peterson, John; Young, Alasdair. N.a. Trade and Transatlantic Relations. On the Internet at http://www.princeton.edu/~smeunier/Peterson%20Young%20Memo.pdf. Last retrieved on September 23, 2013

Ewing, Jack. 2012. Trade Deal Between U.S. And Europe May Come to the Forefront. The New York Times.

Castle, Stephen; Calmes, Jackie. June 2013. U.S. And Europe to Start Ambitious but Delicate Trade Talks. The New York Times. [END OF PREVIEW]

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