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European Union and United States free trade agreement
"If they made a deal tomorrow, U.S. and European companies are sitting on a boatload of cash and they'd be moving this thing up as fast as they can move," said Thomas Donohue, president of the U.S. Chamber of Commerce, after a EU-U.S. trade conference in Dublin in mid-April. The deal could add 0.5 and 0.4 percent respectively to European and U.S. gross domestic product. The 27-member bloc and the United States are likely to launch negotiations on a trade deal by the end of June, with discussions set to last at least two years. An accord could enter into force by 2016. Companies would race to profit from a free trade agreement (FTA) between the European Union and the United States, bringing a near instant boost to both economies, Donohue said. Read more. |
U.S. to include Japan in Trans-Pacific Partnership negotiations
On April 24, the Obama Administration notified Congress of its intent to include Japan in the Trans-Pacific Partnership (TPP) Agreement negotiations. Acting United States Trade Representative Demetrios Marantis told lawmakers that Japan's entry into this important negotiation will help to deliver significant economic benefits for the United States, Japan and the Asia-Pacific region. "The participation of Japan, a major U.S. trading partner as well as close ally, further increases the economic significance of a TPP Agreement," wrote Ambassador Marantis. With Japan's entry, TPP countries would account for nearly 40 percent of global GDP and about one-third of all world trade. The TPP is a key element of the Obama Administration's efforts to support the creation and retention of high-quality jobs for Americans by increasing exports to the vibrant economies of the Asia-Pacific region. Read more. |
Trade pact with Hong Kong
The Association of Southeast Asian Nations (ASEAN) will pursue a free trade agreement with Hong Kong. ASEAN leaders meeting in the Brunei capital of Bandar Seri Begawan will endorse a decision by their economic ministers to expand trade ties with the southern Chinese city. Five Asean countries - Singapore, Thailand, Malaysia, Vietnam and the Philippines - were among Hong Kong's top 20 trading partners. Other Asean members include Brunei, Cambodia, Indonesia, Laos and Myanmar. Read more. |
European Union and Morocco upgrade Trade Agreement
Trade representatives from both the European Union and Morocco have begun talks to upgrade a trade agreement they currently have. The agreement will allow for a tariff-free trade for many products. The goal of this agreement is to establish a comprehensive free-trade area that makes trade simpler, protects intellectual property rights, allows for fair competition and upholds environmental and social standards, the European Commission said. Read more. |
| Brazil financing to health care sector
The Brazilian government will extend 7 billion Brazilian reais in financing to companies in the country's health care sector for technological development and construction of facilities, Health Minister Alexandre Padilha announced. Approximately 5 billion in funding will support companies developing biotechnology projects, and another 2 billion will be distributed through grants for development of medicine and equipment. The minister said he believed the financing program would help reduce the cost of health care in Brazil. Read more.
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Compiled by Global Initiatives Intern Aaron Borboa. For more information, contact Jasmin Sakai-Gonzalez, 213.580.7569. |
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